Company Registration No. NI630584 (Northern Ireland)
DUNLOP ENTERPRISES GROUP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
DUNLOP ENTERPRISES GROUP LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 7
DUNLOP ENTERPRISES GROUP LTD
COMPANY INFORMATION
- 1 -
Directors
Mr Michael Dunlop
Mr Robert Dunlop
Mrs Susan Montgomery
Mr Stephen Dunlop
Mr David Ross
Secretary
Mr David Ross
Company number
NI630584
Registered office
116 Abbey Street
Bangor
Co. Down
BT20 4JD
Independent auditor
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Bankers
Danske Bank
Belfast Business Centre
Donegall Square West
Belfast
BT1 6JS
Solicitors
CMG Cunningham Dickey
18 May Street
Belfast
BT1 4NL
DUNLOP ENTERPRISES GROUP LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
23,118,207
23,707,665
Current assets
Debtors
5
432,776
299,470
Cash at bank and in hand
1,560,701
1,209,974
1,993,477
1,509,444
Creditors: amounts falling due within one year
6
(235,574)
(6,969)
Net current assets
1,757,903
1,502,475
Total assets less current liabilities
24,876,110
25,210,140
Capital and reserves
Called up share capital
7
2,900
2,902
Fair value reserve
22,568,107
22,907,628
Profit and loss reserves
2,305,103
2,299,610
Total equity
24,876,110
25,210,140
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 15 August 2024 and are signed on its behalf by:
Mr Michael Dunlop
Mr Robert Dunlop
..................................
..................................
Mr Michael Dunlop
Mr Robert Dunlop
Director
Director
Company Registration No. NI630584
The notes on pages 3 to 7 form part of these financial statements
DUNLOP ENTERPRISES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Principal accounting policies
Company information
Dunlop Enterprises Group Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 116 Abbey Street, Bangor, Co. Down, BT20 4JD.
1.1
Basis of preparation
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”) 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 FRS 102 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, 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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
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.
1.4
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 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.
DUNLOP ENTERPRISES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Principal accounting policies
(Continued)
- 4 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.5
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.
1.6
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 year. Taxable profit differs from net profit as reported in the profit and loss account 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
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DUNLOP ENTERPRISES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Principal accounting policies
(Continued)
- 5 -
1.7
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.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
23,118,207
23,460,528
Other investments other than loans
247,137
23,118,207
23,707,665
Fixed asset investments not carried at market value
Fixed asset investments are valued at the net asset value of the company in which the investment is held. This method has been used in order to ensure a more accurate reflection of the value of both the investment and the company holding the investment.
DUNLOP ENTERPRISES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 February 2023
23,460,528
247,137
23,707,665
Additions
100
-
100
Valuation changes
(339,521)
-
(339,521)
Disposals
(2,900)
(247,137)
(250,037)
At 31 January 2024
23,118,207
-
23,118,207
Carrying amount
At 31 January 2024
23,118,207
-
23,118,207
At 31 January 2023
23,460,528
247,137
23,707,665
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
432,776
299,470
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
226,306
Other creditors
9,268
6,969
235,574
6,969
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2,900
2,900
2,900
2,900
Ordinary B share of £1 each
-
1
-
1
Ordinary C share of £1 each
-
1
-
1
2,900
2,902
2,900
2,902
On 5 November 2020 the Ordinary B share and the Ordinary C share were bought back by the company and cancelled.
DUNLOP ENTERPRISES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Duncan Graham.
The auditor was Johnston Kennedy DFK.
9
Related party transactions
Transactions with related parties
As at 31 January 2024, Dunlop Enterprises Group Ltd was owed £206,570 (2023: £299,470) by Brunswick Manor Limited and £226,206 (2023: £0) by Dunlop Hawe Ltd, these amounts have been included in debtors due within one year.
As at 31 January 2024, Dunlop Enterprises Group Ltd owed £106,306 (2023: £0) to Bryansglen Developments Limited and £120,000 (2023: £0) to Dunlop Developments Limited, these amounts have been included in creditors due within one year.
During the year Dunlop Enterprises Group Ltd received dividends of £700,000 and £50,000 from its subsidiaries Brunswick Manor Limited and Bryansglen Developments Limited respectively.