Company registration number 03973592 (England and Wales)
DOVEPARK PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
DOVEPARK PROPERTIES LIMITED
COMPANY INFORMATION
Directors
B M Comer
L A Comer
M Mulcahy
C Comer
P Brandum
(Appointed 1 January 2023)
S Kamboj
(Appointed 1 January 2023)
Secretary
Grosvenor Financial Nominees Limited
Company number
03973592
Registered office
Harold Benjamin Solicitors
Fourth Floor
Hygeia House, 66 College Road
Harrow
Middlesex
HA1 1BE
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
Solicitors
Harold Benjamin Solicitors
Harold Benjamin Solicitors
Fourth Floor
Hygeia House, 66 College Road
Harrow
Middlesex
HA1 1BE
DOVEPARK PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
DOVEPARK PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B M Comer
L A Comer
H T Farrand
(Resigned 26 April 2023)
Y D Harrison
(Resigned 26 April 2023)
M Mulcahy
C Comer
P Brandum
(Appointed 1 January 2023)
S Kamboj
(Appointed 1 January 2023)
Review of Business and Principal Activities
Dovepark Properties Limited (DPL) forms part of the Comer Homes Group (CHG) and is a registered for-profit provider of affordable housing.
In regard to intermediate rental, at the start of the year DPL owned twelve leaseholds at Tower Point, Enfield and during the year purchased a further forty units at Whyteleafe, Surrey and twenty eight units at Mast Quay, Woolwich.
DPL also own four general needs social housing rental leasehold units at Royal Winchester House, Bracknell.
Financial Performance
As shown in the company's statement of comprehensive income on page 8, turnover from intermediate rental housing for the year ended 30 June 2023 was £258,454 (2022: £170,907) with 99% occupancy achieved across the units held at the start of the year. We have been able to let a number of the units purchased during the year and are continuing to do so post year end but in the interim this has resulted in costs increasing.
Turnover of the general needs units at Bracknell for the year was £40,620 (2022: £33,900) from these units with occupancy at 100%.
The result was an operating loss for the year of £69,914 (2022: profit £35,583) increasing the net liability position of the balance sheet as detailed on page 9.
DOVEPARK PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Future Developments
The company's future activities are intrinsically linked to the development and construction of social housing units by the CHG. DPL have been working with the CHG to acquire further units and this resulted in two purchases during the year.
The board also continue to assess other potential opportunities for expanding further into the sector.
Value for Money (VFM)
DPL approach to VFM is set out in its VFM strategy, agreed by the Board in October 2016.  The strategy offers a framework for delivering VFM across operational and Board levels, how it is incorporated into DPLs key business streams and details on the reporting and monitoring of VFM activities.
The definition of VFM in the DPL VFM strategy can be summarised as ‘being not just about cutting costs but as a relationship between economy, efficiency, effectiveness, and quality'. DPL can report on the following VFM metrics for all sixteen units held.
Reinvestment and New supply percentages for the year ended 30 June 2023 were 81% (2022: 0%) as 68 units were acquired during the year.
Long term borrowing increased during the year with the purchase of Whyteleafe and Mast Quay. Gearing however has reduced to 100% from 101% due to surplus cash servicing intercompany debt. The level of gearing is not a concern for the Board as the loans do not subject DPL to restrictive covenants and the facility does not expire until the year 2057.
EBITDA MRI interest cover ratio reduced from 192% to 59% due to extra finance taken out for the new units purchased in the year. Due to bank of England Interest rates increasing during the year the Comer Group wished to show its continued support so agreed to put a cap on its charge to Dovepark at 4%.
Social Housing cost per unit for the year ended 30 June 2023 was £1,267 (2022: £2,759).
Operating profit margin (social housing lettings only) decreased to 64% (2022: 78%) due to the increase in service charge cost per unit. DPL incurred an operating loss for the year mainly due to the purchase of extra properties which incurred extra costs but have not yet realised their full income.
Despite the increase in cost pressures felt during the year, the effect on the VFM metrics has been minimal.
Principal risks and uncertainties
The company face economic risk in not being able to meet its financial obligations and in its exposure to trends in the property market. DPL is able to mitigate itself from these tends through it's ability to select tenure.
Economic risk has increased with recent events in the financial markets and continued inflationary pressures. DPL has prudent financial controls in place to ensure effective monitoring of costs as well as the continued support of the wider CHG for resources and for meeting financial commitments.
Other risks and uncertainties facing DPL are political in respect of changes in government policy and regulatory in failing to comply. The skills and extensive knowledge of the industry held by the Board are key factors in mitigating these risks.
Compliance
The board conducted a detailed review of its policies and performance against all four of the consumer standards set by the Regulator of Social Housing. The board are of the opinion that DPL was compliant with these standards during the year.
DOVEPARK PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
The Board has reviewed its compliance with the Governance & Financial Viability Standard and is of the view that DPL is compliant with the principles contained therein. The Board also recognises that as the scale of business increases there will be a need for greater resources to ensure its continued compliance with the consumer and financial viability standards.
DPL continue to adopt the EcoDa Code of governance and after an annual review, the board are confident the company has adhered to the principles and standards set out in the code during the year.
Auditor

In accordance with the company's articles, a resolution proposing that Evans Mockler Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Mulcahy
Director
23 October 2023
DOVEPARK PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DOVEPARK PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DOVEPARK PROPERTIES LIMITED
- 5 -
Opinion

We have audited the financial statements of Dovepark Properties Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

DOVEPARK PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DOVEPARK PROPERTIES LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

DOVEPARK PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DOVEPARK PROPERTIES LIMITED
- 7 -

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Simon Toghill
Senior Statutory Auditor
For and on behalf of Evans Mockler Limited
23 October 2023
Chartered Certified Accountants
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
DOVEPARK PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
299,074
204,992
Cost of sales
(106,455)
(44,581)
Gross surplus
192,619
160,411
Administrative expenses
(90,491)
(64,495)
Surplus on social housing activities before interest and taxation
5
102,128
95,916
Interest payable and similar expenses
8
(172,042)
(60,333)
(Deficit)/Surplus on social housing activities before taxation
(69,914)
35,583
Tax on surplus
9
-
0
-
0
(Deficit)/Surplus for the year
(69,914)
35,583

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

DOVEPARK PROPERTIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
12,808,476
2,434,433
Current assets
Debtors
11
16,389
6,621
Cash at bank and in hand
237,235
199,305
253,624
205,926
Creditors: amounts falling due within one year
12
(139,356)
(85,983)
Net current assets
114,268
119,943
Total assets less current liabilities
12,922,744
2,554,376
Creditors: amounts falling due after more than one year
13
(13,162,466)
(2,724,184)
Net liabilities
(239,722)
(169,808)
Capital and reserves
Called up share capital
15
2
2
Income and expenditure reserve
(239,724)
(169,810)
Total equity
(239,722)
(169,808)

These financial statements have been prepared 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 23 October 2023 and are signed on its behalf by:
M Mulcahy
Director
Company Registration No. 03973592
DOVEPARK PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
2
(205,393)
(205,391)
Year ended 30 June 2022:
Surplus for the year
-
35,583
35,583
Balance at 30 June 2022
2
(169,810)
(169,808)
Year ended 30 June 2023:
Deficit for the year
-
(69,914)
(69,914)
Balance at 30 June 2023
2
(239,724)
(239,722)
DOVEPARK PROPERTIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
180,735
156,044
Interest paid
(172,042)
(60,333)
Net cash inflow from operating activities
8,693
95,711
Investing activities
Purchase of tangible fixed assets
(10,409,045)
-
0
Net cash used in investing activities
(10,409,045)
-
Financing activities
Proceeds from borrowings
10,438,282
573,929
Repayment of borrowings
-
(618,596)
Net cash generated from/(used in) financing activities
10,438,282
(44,667)
Net increase in cash and cash equivalents
37,930
51,044
Cash and cash equivalents at beginning of year
199,305
148,261
Cash and cash equivalents at end of year
237,235
199,305
DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
1
Accounting policies
Company information

Dovepark Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Harold Benjamin Solicitors, Fourth Floor, Hygeia House, 66 College Road, Harrow, Middlesex, HA1 1BE.

 

The company is registered under the Companies Act 2006 and is a registered housing provider.

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”), the requirements of the Companies Act 2006 and the Housing SORP 2014: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2019.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Notwithstanding the deficit shown on the Balance Sheet, the financial statements have been prepared on a going concern basis. At the balance sheet date, the company owed the following amounts to related parties: Cergold Limited £2,753,425 (2022: £2,724,184); Vilmex Limited £5,598,093 (2022: £nil) and Fincraft Limited £4,810,498 (2022: £nil). Cergold Limited, Vilmex Limited and Fincraft Limited confirm their continuing support for the company by not seeking full payment of its debt until the company has sufficient resources to do so. The directors have reviewed the situation and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future.true

1.3
Turnover

Turnover comprises rental income receivable in the year generated from social housing units.

 

Rental income is recognised on an accruals basis.

1.4
Tangible fixed assets

Tangible fixed assets 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:

Land and buildings Leasehold
125 years

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
Impairment of fixed 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.

DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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 balance sheet 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 debtors and cash and bank balances, are measured at transaction price including transaction costs.

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 creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
1.8
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.

1.9
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 fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
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.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Rent receivable
299,074
204,992
2023
2022
£
£
Turnover analysed by geographical market
299,074
204,992
DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
4
Social Housing turnover and costs
2023
2022
£
£
Income
Rent receivable excluding service charges
193,883
159,361
Service charge income
11,109
10,406
204,992
169,767
Social Housing activity expenditure
(44,581)
(32,699)
Operating surplus on Social Housing lettings
160,410
137,068
5
Operating deficit
2023
2022
Operating deficit/(surplus) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
35,002
20,081
6
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
7
Auditor's remuneration

Fees of £4,200 (2022: £3,000) were paid to the company's auditor in respect of the audit of the financial statements for the year ended 30 June 2023.

 

Non-audit fees of £603 (2022 : £965) were paid to the company's auditor.

8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
172,042
60,333
DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
9
Taxation

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the surplus or deficit and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(69,914)
35,583
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(13,284)
6,761
Tax effect of expenses that are not deductible in determining taxable profit
6,650
3,815
Group relief
6,634
(10,576)
Taxation charge for the year
-
-
10
Tangible fixed assets
Land and buildings Leasehold
£
Cost
At 1 July 2022
2,510,258
Additions
10,409,045
At 30 June 2023
12,919,303
Depreciation and impairment
At 1 July 2022
75,825
Depreciation charged in the year
35,002
At 30 June 2023
110,827
Carrying amount
At 30 June 2023
12,808,476
At 30 June 2022
2,434,433
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,043
4,330
Prepayments and accrued income
9,346
2,291
16,389
6,621
DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
12
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
41,526
42,287
Other creditors
24,098
22,212
Accruals and deferred income
73,732
21,484
139,356
85,983
13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
14
13,162,466
2,724,184
14
Loans and overdrafts
2023
2022
£
£
Other loans
13,162,466
2,724,184
Payable after one year
13,162,466
2,724,184

 

 

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
16
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel comprised of fees totalling £31,968 (2022: £22,900) which were paid to Non-executive directors during the year.

Transactions with related parties

The remuneration of key management personnel comprised of fees totalling £31,968 (2022: £22,900) which were paid to Non-executive directors during the year.

At the year end the company has a loan balance payable to Cergold Limited of £2,753,425 (2022: £2,724,184). There has been interest paid of £97,780 (2022: £60,332) on the loan during the year, which has been charged at 2% plus Bank of England base rate but capped at 4%.

At the year end the company has a loan balance payable to Vilmex Limited of £5,598,093 (2022: £nil). There has been interest paid of £73,619 (2022: £nil) on the loan during the year, which has been charged at 2% plus Bank of England base rate but capped at 4%.

At the year end the company has a loan balance payable to Fincraft Limited of £4,810,498 (2022: £nil). There has been interest paid of £643 (2022: £nil) on the loan during the year, which has been charged at 2% plus Bank of England base rate but capped at 4%.

During the year the company was charged ground rent of £6,000 (2022: £6,000) by Kopin Limited and £550 by Bilrose Limited (2022: £863).

At the year end the company had a trading balance payable to Comer Property Management Limited of £29,810 (2022: £28,576). During the year the company was charged service charges of £57,659 (2022: £28,576) by Comer Property Management Limited.

At the year the company owed Opecprime Development Limited £3,336 (2022: £4,099) for the recharge of costs and Bilrose Limited £nil (2022: £863) for ground rent charges.

Cergold Limited, Vilmex Limited, Fincraft Limited, Kopin Limited, Comer Property Management Limited and Bilrose Limited are all other group members.

Opecprime Developments Limited is jointly controlled by Mr B M Comer and Mr L A Comer.

17
Ultimate controlling party

The company is wholly owned by Granville Investments Limited, a company registered in Guernsey, whose ultimate controlling entities are three discretionary trusts. Mr B M Comer and Mr L A Comer are potential beneficiaries of two of those trusts.

DOVEPARK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
18
Cash generated from operations
2023
2022
£
£
(Deficit)/surplus for the year after tax
(69,914)
35,583
Adjustments for:
Finance costs
172,042
60,333
Depreciation and impairment of tangible fixed assets
35,002
20,081
Movements in working capital:
(Increase)/decrease in debtors
(9,768)
619
Increase in creditors
53,373
39,428
Cash generated from operations
180,735
156,044
19
Analysis of changes in net debt
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
199,305
37,930
237,235
Borrowings excluding overdrafts
(2,724,184)
(10,438,282)
(13,162,466)
(2,524,879)
(10,400,352)
(12,925,231)
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300B M ComerL A ComerH T FarrandY D HarrisonC ComerP BrandumS KambojS KambojGrosvenor Financial Nominees Limitedfalse039735922022-07-012023-06-3003973592bus:Director12022-07-012023-06-3003973592bus:Director22022-07-012023-06-3003973592bus:Chairman2022-07-012023-06-3003973592bus:Director52022-07-012023-06-3003973592bus:Director62022-07-012023-06-3003973592bus:Director72022-07-012023-06-3003973592bus:CompanySecretary12022-07-012023-06-3003973592bus:Director32022-07-012023-06-3003973592bus:Director42022-07-012023-06-3003973592bus:Director82022-07-012023-06-3003973592bus:RegisteredOffice2022-07-012023-06-3003973592bus:Agent12022-07-012023-06-30039735922023-06-30039735922021-07-012022-06-3003973592core:RetainedEarningsAccumulatedLosses2021-07-012022-06-3003973592core:RetainedEarningsAccumulatedLosses2022-07-012023-06-30039735922022-06-3003973592core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3003973592core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3003973592core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003973592core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3003973592core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3003973592core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3003973592core:CurrentFinancialInstruments2023-06-3003973592core:CurrentFinancialInstruments2022-06-3003973592core:ShareCapital2023-06-3003973592core:ShareCapital2022-06-3003973592core:RetainedEarningsAccumulatedLosses2023-06-3003973592core:RetainedEarningsAccumulatedLosses2022-06-3003973592core:ShareCapital2021-06-3003973592core:RetainedEarningsAccumulatedLosses2021-06-30039735922021-06-30039735922022-06-3003973592core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-3003973592core:UKTax2022-07-012023-06-3003973592core:UKTax2021-07-012022-06-3003973592core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3003973592core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3003973592core:Non-currentFinancialInstruments2023-06-3003973592core:Non-currentFinancialInstruments2022-06-3003973592bus:PrivateLimitedCompanyLtd2022-07-012023-06-3003973592bus:FRS1022022-07-012023-06-3003973592bus:Audited2022-07-012023-06-3003973592bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP