Company Registration Number 01387774 (England and Wales)
CONEGATE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
CONEGATE DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Mr. D. Sullivan
Company number
01387774
Registered office
Ramillies House
2 Ramillies Street
London
W1F 7LN
Accountants
F Winter & Co. LLP
Ramillies House
2 Ramillies Street
London
W1F 7LN
Business address
Birch Hall
Coppice Row
Theydon Bois
Essex
CM16 7DR
CONEGATE DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
CONEGATE DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
7
1,133
1,359
Current assets
Inventories
8
66,134,673
60,838,348
Trade and other receivables
9
139,122
421,858
Cash and cash equivalents
517,681
469,513
66,791,476
61,729,719
Current liabilities
10
(37,575)
(38,000)
Net current assets
66,753,901
61,691,719
Total assets less current liabilities
66,755,034
61,693,078
Non-current liabilities
11
(54,651,859)
(46,151,859)
Net assets
12,103,175
15,541,219
Equity
Called up share capital
100
100
Retained earnings
12,103,075
15,541,119
Total equity
12,103,175
15,541,219

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and 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 income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 9 July 2026
Mr. D. Sullivan
Director
Company registration number 01387774 (England and Wales)
CONEGATE DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
As restated for the period ended 30 November 2024:
Balance at 1 December 2023
100
17,658,358
17,658,458
As restated
100
17,658,358
17,658,458
Year ended 30 November 2024:
Loss and total comprehensive income for the year
-
(2,108,739)
(2,108,739)
Dividends
-
(8,500)
(8,500)
Balance at 30 November 2024
100
15,541,119
15,541,219
Year ended 30 November 2025:
Loss and total comprehensive income for the year
-
(3,438,044)
(3,438,044)
Balance at 30 November 2025
100
12,103,075
12,103,175
CONEGATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
1
Company information

Conegate Developments Limited is a private company limited by shares incorporated in England and Wales with registration number 01387774. The registered office is Ramillies House, 2 Ramillies Street, London, W1F 7LN.

2
Compliance with accounting standards

The accounts have been prepared in accordance with the provision of FRS102 including the disclosure requirements of section 1A for small entities. There were no material departures from the standard.

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") 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 FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

3
Accounting policies
3.1
Accounting convention

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

3.2
Going concern

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent upon the continued support of the director and parent company, who have indicated that they intend to provide the necessary facilities to enable the company to continue to trade for the forseeable future. If the company was unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

3.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost 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, fittings & equipment
10% per annum 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.

3.4
Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Inventories comprises of properties held for resale and are valued, as stated above. Cost is based on the cost of purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit & loss.

CONEGATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
3
Accounting policies
(Continued)
- 4 -
3.5
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.

3.6
Financial instruments
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.

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

3.7
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 pe r iod. 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

The tax expense represents the sum of tax currently payable and deferred tax. Deferred tax is provided at the rate expected to apply at the date that the timing differences reverse, based on the rates enacted or substantively enacted at the balance sheet date.

Deferred tax ation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

4
Judgements and key sources of estimation uncertainty
CONEGATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
4
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -

Inventories (see note 8) comprises of land and buildings which are stated at the lower of cost and net realizable value based on the valuation performed internally as at 30th November 2025 by the director on an open market basis.

As residential development is largely speculative by nature, not all inventories are covered by forward sales contracts. Due to current economic conditions, there is increased risk that the carrying amount of the stock shown in the company’s financial statements may require material adjustments within the next financial year.

The key areas involving estimation uncertainty, which are significant to the Financial Statements, are:

- cost of sales recognition which is dependent on an estimate of future selling prices and build costs.

- post completion development provisions which relies on management judgement in estimating the quantum and timing of outflows of resources to settle any constructive obligations.

5
Operating loss
2025
2024
Operating profit is stated after charging / (crediting):
£
£
Depreciation of owned property, plant and equipment
228
228
Impairment of inventories recognised or reversed
3,409,653
2,066,365
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
CONEGATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
7
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 December 2024 and 30 November 2025
2,278
Depreciation and impairment
At 1 December 2024
917
Depreciation charged in the year
228
At 30 November 2025
1,145
Carrying amount
At 30 November 2025
1,133
At 30 November 2024
1,359
8
Inventories
2025
2024
£
£
Properties held for resale
66,134,673
60,838,348
9
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
-
0
284,508
Corporation tax recoverable
-
-
Other receivables
-
0
-
Prepayments
139,122
147,974
139,122
432,482
10
Current liabilities
2025
2024
£
£
Bank loans and overdrafts
1,075
-
0
Accruals and deferred income
36,500
38,000
37,575
38,000
CONEGATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
11
Non-current liabilities
2025
2024
£
£
Other borrowings
54,651,859
46,151,859
12
Borrowings
2025
2024
£
£
Bank overdrafts
1,075
-
Other loans
54,651,859
46,151,859
54,652,934
46,151,859
Payable within one year
1,075
-
Payable between one and two years
23,133,945
18,794,614
Payable between two and five years
31,517,914
27,357,245

Other loans amounting to £54,651,859 (2024: £46,161,859) are owed to a company under common control and are not part of the group. These are unsecured loans from an associated company on which no interest has been charged for the year under review and are repayable between 20/10/2027 to 01/12/2031.

There have been no defaults on any loans during the year and company has operated within its loan covenants.

CONEGATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
13
Related party transactions

The material related party transactions during the year ended 30th November 2025 were:

As at 30th November 2025 the following balances have been shown within borrowings more than one year.

- More than one year

£54,651,859 (2024: £46,151859) due to a company controlled by the director and shareholder.

The above company is an independent entity and does not form part of the same group as reporting company.

The company has taken advantage of the exemption in FRS102 35.1A not to disclose transactions between group members where the subsidiaries are wholly owned by the parent.

14
Parent company

As at 30th November 2025, the company is under the control of Rosequake Development Holdings Limited, a company registered in England and Wales with registration number 11075378, by virtue of its shareholding.

The director, Mr. D. Sullivan is the ultimate controlling party by virtue of his shareholding in Rosequake Development Holdings Limited.

15
Prior Period Adjustment

During the current financial period it was identified that in the prior year, an amount of £598,735 relating to impairment of stock of development properties was incorrectly classified within administrative expenses.

To ensure fair presentation of the company's operating performance, the comparatives for the year ended 30 November 2024 have been restated from administrative expenses to impairment losses.

There was no impact on the reported profit/loss for the year ended 30 November 2024 nor on the net assets or the shareholders funds for the company as at that date.

16
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2024
£
Total adjustments
-
Loss as previously reported
(2,108,739)
Loss as adjusted
(2,108,739)
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