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.

The 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

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.

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.

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.

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.

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:

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.

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.

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.

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, 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.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the period. 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.

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 taxation 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.

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.

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

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.

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.

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.

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.