Conduit Mead Property Developments Limit - Accounts to registrar (filleted) - small 23.2

REGISTERED NUMBER: 10604608 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2022

for

Conduit Mead Property Developments

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T W Foster

N J Foster

REGISTERED OFFICE:

3B Nettlefold Place

West Norwood

London

SE27 OJW

REGISTERED NUMBER:

10604608 (England and Wales)

ACCOUNTANTS:

Thornton Springer LLP

Chartered Accountants

67 Westow Street

London

SE19 3RW

FIXED ASSETS

Tangible assets

5

3,992

477

Investments

6

65

156

Investment property

7

558,000

140,000

562,057

140,633

CURRENT ASSETS

Stocks

1,229,522

1,236,745

Debtors

8

101,912

323,616

Cash at bank and in hand

511,315

857,049

1,842,749

2,417,410

CREDITORS

Amounts falling due within one year

9

40,501

26,958

NET CURRENT ASSETS

1,802,248

2,390,452

TOTAL ASSETS LESS CURRENT LIABILITIES

2,364,305

2,531,085

CREDITORS

Amounts falling due after more than one year

10

(76,000

)

(300,000

)

PROVISIONS FOR LIABILITIES

11

(6,135

)

-

NET ASSETS

2,282,170

2,231,085

CAPITAL AND RESERVES

Called up share capital

2,100,000

2,100,000

Fair value reserve

12

26,152

-

Retained earnings

12

156,018

131,085

SHAREHOLDERS' FUNDS

2,282,170

2,231,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2023 and were signed on its behalf by:

N J Foster - Director

1.	STATUTORY INFORMATION

Conduit Mead Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 20 to 33 % Straight line

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties are measured at fair value. The surplus or deficit arising on the revaluation of investment properties at their fair values are recognised in the income statement.

Stocks

Stocks represent properties held for development and are valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2021

5,256

Additions

4,785

Disposals

(570

)

At 30 November 2022

9,471

DEPRECIATION

At 1 December 2021

4,779

Charge for year

782

Eliminated on disposal

(82

)

At 30 November 2022

5,479

NET BOOK VALUE

At 30 November 2022

3,992

At 30 November 2021

477

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 December 2021

156

Disposals

(91

)

At 30 November 2022

65

NET BOOK VALUE

At 30 November 2022

65

At 30 November 2021

156

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2021

140,000

Additions

318,000

Appropriation from stock

100,000

At 30 November 2022

558,000

NET BOOK VALUE

At 30 November 2022

558,000

At 30 November 2021

140,000

The investment property is valued annually by the directors on an open market existing use basis.

The historical cost of the investment property amounts to £525,713 (2021- £75,452).

8.

DEBTORS

30.11.22

30.11.21

£

£

Amounts falling due within one year:

Trade debtors

11,531

9,568

Other debtors

81,783

221,999

93,314

231,567

Amounts falling due after more than one year:

Other debtors

8,598

92,049

Aggregate amounts

101,912

323,616

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade creditors

18,521

10,498

Taxation and social security

2,545

1,083

Other creditors

19,435

15,377

40,501

26,958

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.22

30.11.21

£

£

Other creditors

76,000

300,000

11.	PROVISIONS FOR LIABILITIES

30.11.22

30.11.21

£

£

Deferred tax

6,135

-

Deferred

tax

£

Charge to Income Statement during year

6,135

Balance at 30 November 2022

6,135

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 December 2021

131,085

-

131,085

Profit for the year

51,085

51,085

Revaluation of property

(32,287

)

32,287

-

Deferred tax provision

6,135

(6,135

)

-

At 30 November 2022

156,018

26,152

182,170

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2022 and 30 November 2021:

30.11.22

30.11.21

£

£

T W Foster

Balance outstanding at start of year

105,500

100,000

Amounts advanced

-

5,500

Amounts repaid

(105,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

105,500

Director's loan has been fully repaid on 28 November 2022.

14.	RELATED PARTY DISCLOSURES

Included within other debtors are loans due from related parties of £0 (2021 - £47,229). These loans pay a market rate interest. The company owns a minority shareholding and Mr T Foster is one of the directors of the borrowing company.