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Registered number: 08789742









DOMINUS DIXON HOLDCO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DOMINUS DIXON HOLDCO LIMITED
 
 
COMPANY INFORMATION


Directors
S S Ahluwalia 
P S Ahluwalia 
A J Mangrola 
L A Saywack 




Company secretary
Speafi Secretarial Limited



Registered number
08789742



Registered office
1 London Street

Reading

Berkshire

RG1 4QW




Independent auditors
Nyman Libson Paul LLP
Chartered Accountants & Statutory Auditors

124 Finchley Road

London

NW3 5JS




Solicitors
Field Seymour Parkes LLP
1 London Street

Reading

RG1 4PN





 
DOMINUS DIXON HOLDCO LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 26


 
DOMINUS DIXON HOLDCO LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present the strategic report and financial statements for the year ended 31 December 2023.

Introduction
 
The principal activity of the group during the year continued to be the operation of a luxury hotel.

Business review
 
The hotel operated as an upper scaled luxury hotel located in Central London.
The results for the year show a gross profit of £11,368,533 (2022: £8,800,356).
The group made an operating profit for the year of £2,524,649 (2022: loss £316,355).
The overriding aim of the group is to further strengthen its financial position, produce the reserves needed to continue to reward its employees and shareholders, provide funds for future capital investment and provide support to the local community.
Operationally the group is focused on customer and guest satisfaction and has attracted a talented and passionate team of people who we consider to be some of the best professionals in the sector. The aim of the group is to meet those needs, develop customer loyalty and to continue to grow the business sustainably and responsibly.
Throughout the period the health and safety of our teams and guests has been integral to group's decision making.

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the group are considered to relate to the fact that the group operates within a highly competitive market place, in an industry that is influenced by political and economic conditions such as recession, inflation, availability of credit and currency fluctuations.
The low growth in the UK economy and rising costs due to inflation and supply chain pressures are risks that have continued since the last quarter of 2022. In particular, fuel costs and labour shortages are affecting UK hospitality's business and leisure travel with a knock on effect on the hotels activity.
In addition, inadequate contingency planning or recovery capability in relation to a major incident or crisis may prevent operational continuity and consequently impact the reputation of the group.
During the year, management have continued to monitor and improve processes, policies and systems to be competitive in the market.
Health and safety, death or serious injury as a result of group negligence and non compliance with government regulations are risks to the group. The group addresses this by undergoing annual independent health and safety audits on site.
Cyber and data security are risks as they could reduce the effectiveness of our systems or result in a loss of data which could in turn lead to substantial reputational damage and a loss of income for the business and its customers. We have robust internal IT controls and partner with independent security experts to help maintain our IT systems and manage our cyber security risk.

Page 1

 
DOMINUS DIXON HOLDCO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
We have deployed relevant KPIs to evaluate the success of our organisation and the business activities engaged in.
Management monitors the performance of the group by reviewing KPIs on a regular basis.
Key indicators identified are summarised below:-
Rooms (i.e. Rooms Sold, Occupancy %, ADR, REVPAR)
Food and Beverage (i.e. Covers, Price/Volume Variance)
Profits (GOP / EBITDA)


This report was approved by the board on 16 September 2024 and signed on its behalf.



S S Ahluwalia
Director

Page 2

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,528,721 (2022 - loss £316,355).

No dividends were paid in the year nor the prior year.

Directors

The directors who served during the year were:

S S Ahluwalia 
P S Ahluwalia 
A J Mangrola 
L A Saywack 

Future developments

The directors are confident that the business will continue to grow organically with an emphasis on adding value to guest experiences and the current portfolio of services provided by it's subsidiary Dominus Dixon Hotel Limited.

Engagement with employees

During the year the policy of providing employees with information about the group has been continued through the notice board at the head office and regular internal communications.

Page 3

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 September 2024 and signed on its behalf.
 





S S Ahluwalia
Director

Page 4

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DOMINUS DIXON HOLDCO LIMITED
 

Opinion


We have audited the financial statements of Dominus Dixon Holdco Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and company Statements of Financial Position, the Group Statement of Cash Flows, the Group and company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DOMINUS DIXON HOLDCO LIMITED (CONTINUED)


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DOMINUS DIXON HOLDCO LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group financial statements.


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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and specific sector, the control environment and business performance;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

matters identified from the review of group documentation in respect of their policies and procedures relating to:

identifying, evaluating and complying with laws and regulations and whether they were aware of any   instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual suspected   or alleged fraud;
internal controls established to mitigate risks of fraud or non-compliance with laws  and  regulations; and
matters discussed among the audit engagement team  regarding  how  and where fraud might occur in the financial statements and any potential indicators of fraud.

We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK legislation and regulations in relation to the operation and governance of the group and direct and indirect tax legislation.

 
Page 7

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DOMINUS DIXON HOLDCO LIMITED (CONTINUED)


In addition, we considered other laws and regulations that could have an effect on the group and result in the imposition of financial or other penalties and litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

All matters in relation to non-compliance with laws and regulations and potential fraud risks were communicated to all members of the engagement team and we remained alert to any indications of non-compliance throughout the audit.

As a result of performing the above, we identified the susceptibility of assets to misappropriation as a potential risk of fraud.

Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

enquiries with management concerning actual and potential litigation and claims;

assessing the appropriateness and where appropriate with third parties concerning actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

examining minutes of meetings of those charged with governance and correspondence with HMRC and other third parties; and

in addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. We did not identify any key audit matters relating to irregularities, including fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DOMINUS DIXON HOLDCO LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Richard Paul (Senior Statutory Auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
Chartered Accountants
Statutory Auditors
  
124 Finchley Road
London
NW3 5JS

18 September 2024
Page 9

 
DOMINUS DIXON HOLDCO LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
15,144,680
11,859,957

Cost of sales
  
(3,776,147)
(3,059,601)

Gross profit
  
11,368,533
8,800,356

Distribution costs
  
(1,292,253)
(990,786)

Administrative expenses
  
(7,634,964)
(8,215,258)

Other operating income
 5 
83,333
89,333

Operating profit/(loss)
  
2,524,649
(316,355)

Interest receivable and similar income
 8 
4,072
-

Profit/(loss) before tax
  
2,528,721
(316,355)

Profit/(loss) for the financial year
  
2,528,721
(316,355)

Profit for the year attributable to:
  

Owners of the parent company
  
2,528,721
(316,355)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 26 form part of these financial statements.

Page 10

 
DOMINUS DIXON HOLDCO LIMITED
REGISTERED NUMBER: 08789742

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 12 
27,094
19,830

Debtors: amounts falling due within one year
 13 
40,322,921
36,840,091

Cash at bank and in hand
 14 
406,915
1,215,267

  
40,756,930
38,075,188

Creditors: amounts falling due within one year
 15 
(6,041,830)
(5,805,476)

Net current assets
  
 
 
34,715,100
 
 
32,269,712

Total assets less current liabilities
  
34,715,100
32,269,712

Creditors: amounts falling due after more than one year
 16 
(2,000,002)
(2,083,335)

Net assets
  
32,715,098
30,186,377


Capital and reserves
  

Called up share capital 
 18 
591,002
591,002

Profit and loss account
  
32,124,096
29,595,375

  
32,715,098
30,186,377


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




S S Ahluwalia
Director

The notes on pages 16 to 26 form part of these financial statements.

Page 11

 
DOMINUS DIXON HOLDCO LIMITED
REGISTERED NUMBER: 08789742

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 11 
2
2

Current assets
  

Debtors: amounts falling due within one year
 13 
33,244,728
32,882,387

Cash at bank and in hand
 14 
52,449
423,660

  
33,297,177
33,306,047

Creditors: amounts falling due within one year
 15 
(12,038)
(8,446)

Net current assets
  
 
 
33,285,139
 
 
33,297,601

Total assets less current liabilities
  
33,285,141
33,297,603

  

  

Net assets
  
33,285,141
33,297,603


Capital and reserves
  

Called up share capital 
 18 
591,002
591,002

Profit and loss account
  
32,694,139
32,706,601

  
33,285,141
33,297,603


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.


S S Ahluwalia
Director

The notes on pages 16 to 26 form part of these financial statements.

Page 12

 
DOMINUS DIXON HOLDCO LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
591,002
29,911,730
30,502,732


Comprehensive income for the year

Loss for the year
-
(316,355)
(316,355)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(316,355)
(316,355)


Total transactions with owners
-
-
-



At 1 January 2023
591,002
29,595,375
30,186,377


Comprehensive income for the year

Profit for the year
-
2,528,721
2,528,721


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
2,528,721
2,528,721


Total transactions with owners
-
-
-


At 31 December 2023
591,002
32,124,096
32,715,098


The notes on pages 16 to 26 form part of these financial statements.

Page 13

 
DOMINUS DIXON HOLDCO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
591,002
32,720,383
33,311,385


Comprehensive income for the year

Loss for the year
-
(13,782)
(13,782)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(13,782)
(13,782)


Total transactions with owners
-
-
-



At 1 January 2023
591,002
32,706,601
33,297,603


Comprehensive income for the year

Loss for the year
-
(12,462)
(12,462)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(12,462)
(12,462)


Total transactions with owners
-
-
-


At 31 December 2023
591,002
32,694,139
33,285,141


The notes on pages 16 to 26 form part of these financial statements.

Page 14

 
DOMINUS DIXON HOLDCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
2,528,721
(316,355)

Adjustments for:

Government grants
-
(6,000)

Interest received
(4,072)
-

Increase in stocks
(7,264)
(3,111)

Decrease/(increase) in debtors
172,170
(1,088,248)

Increase in amounts owed by groups
(3,655,000)
(500,000)

Increase in creditors
153,021
1,091,427

Net cash generated from operating activities

(812,424)
(822,287)


Cash flows from investing activities

Government grants received
-
6,000

Interest received
4,072
-

Net cash from investing activities

4,072
6,000


Net (decrease) in cash and cash equivalents
(808,352)
(816,287)

Cash and cash equivalents at beginning of year
1,215,267
2,031,554

Cash and cash equivalents at the end of year
406,915
1,215,267


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
406,915
1,215,267


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,215,267

(808,352)

406,915


1,215,267
(808,352)
406,915

The notes on pages 16 to 26 form part of these financial statements.

Page 15

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dominus Dixon Holdco Limited is a private company limited by shares and incorporated in England. The address of its principal place of business is 209-211 Tooley Street, London, SE1 2JY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The group's functional and presentational currency is GBP, rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. 

Page 16

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue within the group comprises the following:
Income from rooms
Revenue consists of charges made for occupancy of hotel rooms and is recognised when rooms are occupied and services have been rendered. Any room income received relating to a future period is deferred to the period in which the room is occupied.
Income from bars and restaurants
Revenue comprises sales of food and drink, including mini bar facilities at the hotel and is recognised as income at the point of sale.
Income from hires
Revenues from hiring of meeting rooms, conference facilities and provision of catering services for events are recognised at the point of event date.

Page 17

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

During the prior year the group received employee based government grants and benefited from the business rates holiday applicable to hospitality businesses.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting 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 profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 18

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.11

Creditors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to or from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amount reported for revenue and expenditure during the year. However, the nature of estimations means that actual outcomes could differ from those estimates.
In preparing these financial statements, the directors have had to make the following judgments:

Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Page 19

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Accommodation
12,739,381
9,844,668

Food and beverage
1,278,469
1,044,119

Events
279,050
241,495

Sundry income
847,780
729,675

15,144,680
11,859,957


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Key money funding
83,333
83,333

Government grants receivable
-
6,000

83,333
89,333



6.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
21,000
18,000

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services by the group.

Page 20

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,392,672
1,774,274
-
-

Social security costs
227,793
166,326
-
-

Cost of defined contribution scheme
38,664
26,729
-
-

2,659,129
1,967,329
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management and operations
89
67

The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
Key management compensation
Key management comprises the directors and members of senior management. There was no compensation paid or payable to key management for employee services during the year nor prior year.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
4,072
-

4,072
-

Page 21

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of19% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
2,528,721
(316,355)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
480,457
(60,107)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,425

Utilisation of tax losses
(480,457)
-

Changes in provisions leading to an decrease in the tax charge
-
(495)

Unrelieved tax losses carried forward
-
59,177

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent company for the year was £12,462 (2022 - loss £13,782).

Page 22

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
2



At 31 December 2023
2





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Dominus Dixon Hotel Limited
1 London Street, Reading, England, RG1 4PN
Ordinary
100%


12.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
27,094
19,830
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.


13.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
590,797
270,628
-
-

Amounts owed by group undertakings
32,915,002
29,260,002
33,244,728
32,446,260

Other debtors
5,511,094
5,956,916
-
436,127

Prepayments and accrued income
1,306,028
1,352,545
-
-

40,322,921
36,840,091
33,244,728
32,882,387


Page 23

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
406,915
1,215,267
52,449
423,660

406,915
1,215,267
52,449
423,660



15.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
524,335
369,917
5,372
2,781

Other taxation and social security
436,710
182,509
1
-

Other creditors
8,781
6,753
-
-

Accruals and deferred income
5,072,004
5,246,297
6,665
5,665

6,041,830
5,805,476
12,038
8,446



16.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Deferred income
2,000,002
2,083,335
-
-

2,000,002
2,083,335
-
-




Page 24

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
39,412,714
36,293,061
33,297,177
32,909,920


Financial liabilities

Financial liabilities measured at amortised cost
(524,335)
(369,917)
(5,372)
(2,781)


Financial assets measured at amortised cost comprise trade debtors, other debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and amounts owed to group undertakings.


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



591,002 (2022 - 591,002) Ordinary shares of £1.00 each
591,002
591,002



19.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £38,664 (2022: £26,729). Contributions totalling £8,781 (2022: £6,753) were payable to the fund at the reporting date and are included in creditors due within one year.

Page 25

 
DOMINUS DIXON HOLDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Commitments under operating leases

At 31 December 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
4,696,800
4,696,800
-
-

Later than 1 year and not later than 5 years
18,787,200
18,787,200
-
-

Later than 5 years
198,439,800
203,136,600
-
-

221,923,800
226,620,600
-
-

21.


Related party transactions

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned undertakings.
During the year the group incurred administration expenses of £279,659 (2022: £896,052) from companies under common control. There were no amounts due to these companies at the balance sheet date.


22.


Controlling party

Dominus Dixon Holdco Limited is a wholly owned subsidiary of Dominus Dixon Holdings Limited, a company incorporated in Jersey. The registered office address is 28 Esplanade, St Helier, Jersey, JE2 3QA.

 
Page 26