IRIS Accounts Production v24.2.0.383 02024154 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 The principal activity of the company during the year continued to be the acquisition and development of property for resale. ++ The principal activities of its subsidiary undertakings are as follows: ++ Ashford Homes (South Western) Limited's principal activity continues to be primarily that of new house builders together with a proportion of historic building refurbishment. ++ Islington Trowbridge Limited's principal activity continues to be that of motor vehicle service garages with various agencies representing Peugeot, Citroen and Suzuki cars. true true true false true true false false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020241542022-12-31020241542023-12-31020241542023-01-012023-12-31020241542021-12-31020241542022-01-012022-12-31020241542022-12-3102024154ns15:EnglandWales2023-01-012023-12-3102024154ns14:PoundSterling2023-01-012023-12-3102024154ns10:Director12023-01-012023-12-3102024154ns10:Consolidated2023-12-3102024154ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3102024154ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102024154ns10:Consolidatedns10:FRS1022023-01-012023-12-3102024154ns10:Consolidatedns10:Audited2023-01-012023-12-3102024154ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102024154ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102024154ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102024154ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3102024154ns10:FullAccounts2023-01-012023-12-3102024154ns5:Subsidiary12023-01-012023-12-3102024154ns5:Subsidiary22023-01-012023-12-3102024154ns10:OrdinaryShareClass12023-01-012023-12-3102024154ns10:Consolidated2023-01-012023-12-3102024154ns10:Director22023-01-012023-12-3102024154ns10:CompanySecretary12023-01-012023-12-3102024154ns10:RegisteredOffice2023-01-012023-12-3102024154ns5:ContinuingOperationsns10:Consolidated2023-01-012023-12-3102024154ns5:DiscontinuedOperationsns10:Consolidated2023-01-012023-12-3102024154ns5:ContinuingOperationsns10:Consolidated2022-01-012022-12-3102024154ns5:DiscontinuedOperationsns10:Consolidated2022-01-012022-12-3102024154ns10:Consolidated2022-01-012022-12-3102024154ns5:CurrentFinancialInstruments2023-12-3102024154ns5:CurrentFinancialInstruments2022-12-3102024154ns5:ShareCapital2023-12-3102024154ns5:ShareCapital2022-12-3102024154ns5:RetainedEarningsAccumulatedLosses2023-12-3102024154ns5:RetainedEarningsAccumulatedLosses2022-12-3102024154ns5:ShareCapital2021-12-3102024154ns5:RetainedEarningsAccumulatedLosses2021-12-3102024154ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102024154ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102024154ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3102024154ns5:PlantMachinery2023-01-012023-12-3102024154ns5:FurnitureFittings2023-01-012023-12-3102024154ns5:MotorVehicles2023-01-012023-12-3102024154ns5:ComputerEquipment2022-12-3102024154ns5:ComputerEquipment2023-12-3102024154ns5:ComputerEquipment2022-12-3102024154ns5:CostValuation2022-12-3102024154ns5:Subsidiary112023-01-012023-12-3102024154ns5:Subsidiary12023-12-3102024154ns5:Subsidiary12022-12-3102024154ns5:Subsidiary12022-01-012022-12-31020241543ns5:Subsidiary22023-01-012023-12-3102024154ns5:Subsidiary22023-12-3102024154ns5:Subsidiary22022-12-3102024154ns5:Subsidiary22022-01-012022-12-3102024154ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102024154ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102024154ns5:WithinOneYear2023-12-3102024154ns5:WithinOneYear2022-12-3102024154ns5:BetweenOneFiveYears2023-12-3102024154ns5:BetweenOneFiveYears2022-12-3102024154ns5:AllPeriods2023-12-3102024154ns5:AllPeriods2022-12-3102024154ns10:OrdinaryShareClass12023-12-3102024154ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 02024154 (England and Wales)




















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Doric Developments (Bath) Limited

Doric Developments (Bath) Limited (Registered number: 02024154)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 8

Report of the Independent Auditors 10

Consolidated Income Statement 13

Consolidated Balance Sheet 15

Company Balance Sheet 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


Doric Developments (Bath) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Dr R D Timbrell-Whittle
Mrs S A Timbrell-Whittle





SECRETARY: Mrs S A Timbrell-Whittle





REGISTERED OFFICE: Doric House
Middleton Drive
Bradford on Avon
Wiltshire
BA15 1GB





REGISTERED NUMBER: 02024154 (England and Wales)

Doric Developments (Bath) Limited (Registered number: 02024154)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

HISTORY AND PRINCIPAL ACTIVITIES
The parent Company, founded in 1986, continues to seek development land and construction projects, utilising Ashford Homes (South Western) Limited (Ashford Homes), for construction of its new homes and commercial developments in premium locations in the South West region. Where sites present an opportunity for an element of refurbishment of a heritage or listed building, then the Company also commits its contractor to design and carry out these works
.
Doric Developments (Bath) Limited (Doric) identifies its development sites through a network of established agents and contacts and, with historic profits reinvested in the business, provides an opportunity to purchase without lengthy recourse to third party funding. With residential sites being hampered by planning delays, the design and construction of commercial buildings, where there appears to be strong demand, is also actively sought.

Ashford Homes, acquired in 1993, undertakes construction contracts as the main contractor for the Doric schemes, both residential homes and, more recently, commercial projects. The business foresees additional growth in the provision of purpose designed commercial buildings for specific end user clients although the supply of land zoned for industrial development is in limited supply in the local vicinity. The Company has again increased its market presence with its high-quality developments in the region, utilising its reputation for design, quality and innovation. The Company has gained no less than twenty-three awards for design and build quality from distinguished organisations as well as the local authority in the last decade. As a traditional construction techniques builder, the Company has chosen to avoid the market drift toward modular construction.

Islington Trowbridge Limited (Islington), a franchise motor dealer, acquired in 1998, remains ambitious to grow and serve a sizeable loyal client base founded upon its reputation for its knowledgeable, customer friendly and transparent approach to all things motoring. The Company currently holds franchises for Ford, MG, Suzuki and Transit, as well as Peugeot/Citroën after sales contracts, as at the year end. The business sold over 2,000 retail vehicles during the year.


Doric Developments (Bath) Limited (Registered number: 02024154)

Group Strategic Report
for the Year Ended 31 December 2023

PERFORMANCE AND STRATEGY FOR SUSTAINABLE GROWTH
The group turnover for the year 2023 was £57,505,522 showing a 7.94% decrease over 2022 results with net assets of the business standing at £43,826,746. The aggregated pre-tax profit margin for the business was circa 1.88%, of which 19.31% is attributed to Islington, 28.27% Ashford Homes and the balance Doric.

As Doric completes the trading year 2023, interest rates have plateaued and inflation is beginning to decline resulting in a more attractive financial climate for house purchasers. During the year 16 properties were sold, falling in the price sector of half to three quarters of a million pounds. Of the circa eight sites under construction during the year, it became apparent that on two of these, the development costs for groundworks, remediating contamination and retaining walls, were significantly over budget and will result in the overall development potentially loss making when the final costs have been processed. The Company continues to use Ashford Homes for its construction and project management requirements, as well as some design and planning services in addition to external consultants
.
The Company has utilised external sales agents to assist with the identification of clients and completion of home sales. However, with an ever more discriminating purchaser profile, the Directors are of the view that the appointment of a sales manager was essential and an appointment was made in Spring 2024.

Ashford Homes' planning delays for the sites owned by the parent company continue to limit the business turnover however, a portfolio of contracting opportunities for a range of external clients has provided further opportunities for increased turnover and profit during the year.

While labour and material costs appeared to plateau during the year after significant recent price rises, the Company is beginning to see a levelling of costs though its strong supplier relationships. With more diverse projects being carried out, the Company has reverted to groundwork packages being split between labour and plant with internal purchasing departments procuring materials for sub-contractors. Meanwhile, in a drive to further control and improve quality, a new role has been defined for a Technical Manager overseeing all details and technicalities of the 'build' as well as quality, throughout the construction process from foundation through to completion. The Company continues to significantly outperform requirements of the National Building Regulations by reducing carbon emissions for all of its new build dwellings and also monitor evolving government policy and consultations relating to the Future Homes Standard, which is a significant step towards a zero carbon footprint ensuring the approach to regulatory change remains both adaptable and client focused.

Islington remains highly regarded by its significant client base and now holds sales agreements for Ford, Transit, MG and Suzuki with authorised repair status agreements for these franchises and, in addition, Citroën and Peugeot. During 2023, the Directors made the decision to withdraw from the recently revised sales agreements with Stellantis for the Citroën sales brand and also the closure of its loss-making Vauxhall dealership in Chippenham. Trading during the year has been frustrated with the politics of both governments and major manufacturers seeking to establish a significant increase in Battery Electric Vehicles in a market where the public's concern over range anxiety and the lack of a reliable charging network remain valid. With manufacturers persisting with dealers to maintain high levels of stock of Battery Electric Vehicles as well as demonstration cars, depreciation costs have been high and costly. Further challenges have been experienced with customer retention of older vehicles seeking cheaper independent repairs, often with an unsuccessful outcome. To address this customer drift the business has introduced a new fix-now-pay-later scheme to enable customers to spread the cost of repairs over a fixed term interest free period and this has proved very successful.

The acquisition, valuation and stock procurement of used vehicles has been a challenge during the year and is anticipated to continue in 2024.


Doric Developments (Bath) Limited (Registered number: 02024154)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
As the Group moves into 2024, there are trends and significant events that will impact both the residential housing market and the vehicle supply industry. Both of these major markets require stable economic conditions for investment and therefore, the forthcoming UK elections scheduled for 2024 as well events in Ukraine and Gaza, all have an impact on financial confidence. The residential housing market maintains a level of activity but younger buyers are lacking financial incentives to commit to purchase. In this regard, a number of the Company developments are providing shared ownership and discount market homes to address affordability issues. Sales of the Company's higher value homes should meet market appetite and, provided reasonable incentives are on offer, will secure sales, with the average time for reservation to completion now standing at 133 days.

Islington's mature and extensive customer base continues to provide business opportunities however, the decision as to whether to purchase a petrol, diesel, hybrid or full electric powered vehicle remains difficult for many customers and there is little doubt that some customers will defer purchases until a clear trend is emerging. The service and parts side of the business remains buoyant and the directors believe that the Group has sufficient financial resources and liquidity to sustain the business in the event of a disrupted supply market.

A year-end review of all the franchise representation continues to be an important component of management and appropriate changes will be made if preferred and more profitable franchise opportunities arise.

MARKETING DEPARTMENT
With the aid of a full time marketing professional, Doric and Ashford Homes' marketing has become considerably more focussed, not just with the use of social media but also with production of walkthrough videos, CGIs (Computer Generated Images) as well as dedicated brochures all gaining early client interest and recently securing off plan reservations. Elevated social media activity with posts, 'likes' and 'comments' on Twitter, Instagram, Facebook and LinkedIn have resulted in a tenfold increase in posts and as much as a five fold increase in followers over recent times. The net effect has been to increase brand awareness and focussed interest on Ashford Homes, enabling customer information to be collated on the Company's database for 'future development' marketing.

Islington has noted the entry into "click and collect" car retail operations by some key players in the industry and, moreover, the increasing demand from consumers for dealers to deliver a seamless online transaction. The directors have therefore intensified the focus and investment into creating a fully functional e-commerce platform which is already seeing some early signs of success without sacrifice of margin. Islington has also commissioned a full redesign of its website and introduced a platform "Cash In Your Car" for purchasing vehicles from the public. This is proving successful and worthwhile albeit time consuming.

RESEARCH AND DEVELOPMENT
Doric and Ashford Homes continue to seek and employ new technology in its developments to ensure it meets the latest environmental standards as well as technological improvements.

Islington are introducing new maintenance training programmes using advanced technology for fully electric and hybrid vehicles. Further investment will be made in developing digital and e-commerce sales with the existing and embryonic web platform.

To progress the reduction in carbon footprint and enhance the Company's digital position, a new 'state of the art' Dealer Management System has been implemented. The system offers numerous benefits, including website and franchise integration as well as time saving functionality.

CARBON REPORTING
The Parent Company's emissions fall below the threshold for data reporting. All subsidiaries are below the threshold.


Doric Developments (Bath) Limited (Registered number: 02024154)

Group Strategic Report
for the Year Ended 31 December 2023

SECTION 172(1) STATEMENT
The Group is a large group and requires disclosure under s172 of the Companies Act 2006. We therefore set out the key stakeholder parties of the Group and how we engage with them, the impact of the companies' operations on the community and the environment, and the steps the Group has taken to maintain its reputation for high standards of business conduct.

ENGAGEMENT WITH KEY STAKEHOLDERS
By understanding our stakeholders informed decisions can be made to ensure the success of the Group.

Stakeholder Their issues How we engage

Employees Opportunities for
development
Personnel requiring new opportunities are regularly introduced into a
supportive review process where possible.

Fair pay Our employees continue to be our most valuable asset and we strive to
ensure that they are rewarded well and within the higher sector of the
industry's salary framework.

Customers Availability of
affordable housing
With the cessation of the Government backed 'Help to Buy' scheme, the
Company is providing opportunities for 'shared ownership' and 'discount
market' homes on appropriate sites.

Customer support To ensure ongoing continuity of contact with the company's residential
customers, a software package, 'Freshdesk', has been successfully
implemented whereby clients have the ability to log issues and snagging
faults or, indeed, compliments with the Company. The procedure is proving
efficient in that there is a documented log that enables focus and
addressing of any issues that may arise with a recoverable history and trail
for resolution. The Company continues to log client satisfaction with
testimonials to assist in supporting its premium position in the marketplace.

SuppliersSub-
contractors
Fair payment terms The Company seeks to act in a responsible, transparent and fair way in
engaging with suppliers. The Directors see benefit in forming constructive
long term relationships with vested parties to the mutual benefit of all.

Prompt settling of
outstanding amounts
We agree payment terms with all our suppliers prior to order and ensue
invoices are paid within a thirty day period.

Local
communities
Housing that is in
keeping with local
surroundings
The companies, all based in West Wiltshire, seek to foster good
relationships with the local community by minimising disruption and
inconvenience, being a highly regarded employer and supporting local and
national charitable giving.

Minimal disruption
during construction
We monitor construction nuisance through site and project management
with objectives to minimise noise, dust and odour for adjoining properties.
Ongoing dialogue with neighbours is actively encouraged to mitigate any
nuisance.

Doric Developments (Bath) Limited (Registered number: 02024154)

Group Strategic Report
for the Year Ended 31 December 2023


Stakeholder Their issues How we engage

Government Provision of
affordable housing
The Directors have regard for maintaining a respected and mutually
constructive relationship with the local planning authority, local government
as well as HMRC.

Environment Carbon emission
targets
Over the last three years, as well as the inclusion of solar panels, the
business has moved, almost exclusively, toward the introduction of
underfloor heating throughout its homes, as well as the provision of air
source heat pumps as an energy source provider. Carbon footprint is also
being reduced in homes by specifying LED lighting throughout with a drive
to producing zero carbon emission homes in the future.Islington will
continue to market its brands with more electric powered models, as well
as re-equipping, where necessary, the workshops for the new servicing
requirements. Further factory training of technicians will also be
undertaken. To further reduce electrical consumption, a sizeable solar
panel installation is to be installed at both Canal Road, Trowbridge
premises.

HEALTH & SAFETY REVIEW
An ongoing programme and review of health and safety procedures in the business is embedded in the leadership culture. The need to rigorously enforce these procedures and policies to ensure that our employees and subcontractors remain well and accident free is consistently measured and prioritised.

ANTI SLAVERY POLICY
Modern slavery encompasses slavery, servitude, human trafficking and forced labour. Doric, Ashford Homes and Islington have a zero-tolerance approach to any form of modern slavery. The Company is committed to acting ethically and with integrity and transparency in all its dealings and has put effective systems and controls in place to safeguard against any form of modern slavery taking place within the business or its supply chain. Areas of risk within the group companies have been identified and a structure of reporting set up.

FUTURE FINANCIAL OUTLOOK
At the end of the year the Company remains debt free through internal cash generation and self-investment. For the foreseeable future, no capital raising is anticipated although the market indicators suggest that, unless the uncertainty prevailing around inflation, service costs and delayed deliveries is diminished, the sales of homes and vehicles may slow and, therefore, impact on cashflow and productivity rates. The Company will endeavour to maintain a two/three year land bank without external funding.


Doric Developments (Bath) Limited (Registered number: 02024154)

Group Strategic Report
for the Year Ended 31 December 2023

NON-FINANCIAL KPIS
The Company's non-financial KPIs include sale completions of new homes and commercial buildings; provision and commencement of sites for development; franchise contracts; customer support software and systems; web traffic and social media.

Entity 2023 2022
Sale of new homes Doric 16 29

Sale of commercial properties Doric 0 0

Commencement of plots for development Ashford 41 33

Completion of homes for sale Ashford 18 27

Customer care tickets received Ashford 1,155 n/a

Urgent 0.52%
High priority 9.26%
Medium priority 18.01%
Low priority 72.21%

Customer care tickets resolved Ashford 1,146 n/a


Sale of vehicles Islington
New 750 646
Used 1,254 1,372


KEY PERFORMANCE INDICATORS
Given the nature of the business, the Group's directors remain of the opinion that the management tools currently in place for the positioning and the sustainability of its businesses in the marketplace are sufficient for the purpose.

The key performance indicators are given below:

2023 2022
£'000 £'000

Turnover 57,505 62,463
Gross Profit 4,067 6,225
Gross profit (%) 7.07 9.97

ON BEHALF OF THE BOARD:





Dr R D Timbrell-Whittle - Director


19 September 2024

Doric Developments (Bath) Limited (Registered number: 02024154)

Report of the Directors
for the Year Ended 31 December 2023

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

DIVIDENDS
Interim dividends per share were paid as follows:
26.67 - 31 January 2023
13.33 - 30 April 2023
£40.00

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 4,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Dr R D Timbrell-Whittle
Mrs S A Timbrell-Whittle

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The group holds or issues financial instruments in order to achieve three main objectives, being:
a) to finance its operations;
b) to manage its exposure to interest risks arising from its operations and from its sources of finance;
c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out the group's strategic report information required by Schedule 7 of Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report. It has done so in respect of future developments and research and development.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Doric Developments (Bath) Limited (Registered number: 02024154)

Report of the Directors
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Dr R D Timbrell-Whittle - Director


19 September 2024

Report of the Independent Auditors to the Members of
Doric Developments (Bath) Limited

Opinion
We have audited the financial statements of Doric Developments (Bath) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company 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 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 group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of
Doric Developments (Bath) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the property, construction and motor trade industries in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

- Reviewing the Group's legal costs to check for non-compliance with laws and regulations and fraud;

- Reviewing Board of Directors' minutes;

- Review of tax compliance with the involvement of our tax specialists in the audit;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

- Testing transactions entered into outside of the normal course of the Group's business; and

- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.


There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Doric Developments (Bath) Limited


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 2006. Our 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 a Report of the Auditors 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.




Martin Longmore (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditor
Chartered Accountants
County Gate
County Way
Trowbridge
Wiltshire
BA14 7FJ

23 September 2024

Doric Developments (Bath) Limited (Registered number: 02024154)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2023 2023
Continuing Discontinued Total
Notes £'000 £'000 £'000

TURNOVER 4 54,177 3,328 57,505
Cost of sales (50,320 ) (3,118 ) (53,438 )
GROSS PROFIT 3,857 210 4,067

Administrative expenses (3,495 ) (290 ) (3,785 )
362 (80 ) 282

Other operating income 114 - 114


OPERATING PROFIT/(LOSS) 6 476 (80 ) 396

Loss on disposal of operation 7 - (94 ) (94 )
476 (174 ) 302

Interest receivable and similar income 871 2 873
Interest payable and similar expenses 8 (89 ) (6 ) (95 )
PROFIT/(LOSS) BEFORE TAXATION 1,258 (178 ) 1,080
Tax on profit/(loss) 9 (525 ) 31 (494 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 733 (147 ) 586
Profit/(loss) attributable to:
Owners of the parent 528
Non-controlling interests 58
586

Doric Developments (Bath) Limited (Registered number: 02024154)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2022 2022 2022
Continuing Discontinued Total
Notes £'000 £'000 £'000

TURNOVER 4 56,271 6,192 62,463
Cost of sales (50,370 ) (5,868 ) (56,238 )
GROSS PROFIT 5,901 324 6,225

Administrative expenses (3,290 ) (383 ) (3,673 )
2,611 (59 ) 2,552

Other operating income 189 - 189


OPERATING PROFIT/(LOSS) 6 2,800 (59 ) 2,741

Interest receivable and similar income 357 - 357
Interest payable and similar expenses 8 (30 ) (9 ) (39 )
PROFIT/(LOSS) BEFORE TAXATION 3,127 (68 ) 3,059
Tax on profit/(loss) 9 (491 ) 14 (477 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 2,636 (54 ) 2,582
Profit/(loss) attributable to:
Owners of the parent 2,555
Non-controlling interests 27
2,582

Doric Developments (Bath) Limited (Registered number: 02024154)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 12 462 520
Investments 13 - -
Investment property 14 210 210
672 730

CURRENT ASSETS
Stocks 15 34,593 29,201
Debtors 16 1,395 2,092
Cash at bank 17,345 21,063
53,333 52,356
CREDITORS
Amounts falling due within one year 17 10,634 10,248
NET CURRENT ASSETS 42,699 42,108
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,371

42,838

PROVISIONS FOR LIABILITIES 21 86 86
NET ASSETS 43,285 42,752

CAPITAL AND RESERVES
Called up share capital 22 - -
Retained earnings 23 43,258 42,733
SHAREHOLDERS' FUNDS 43,258 42,733

NON-CONTROLLING INTERESTS 24 27 19
TOTAL EQUITY 43,285 42,752

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Dr R D Timbrell-Whittle - Director


Doric Developments (Bath) Limited (Registered number: 02024154)

Company Balance Sheet
31 December 2023

2023 2022
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 12 - -
Investments 13 276 276
Investment property 14 210 210
486 486

CURRENT ASSETS
Stocks 15 28,718 22,299
Debtors 16 3,290 4,417
Cash at bank 15,877 19,486
47,885 46,202
CREDITORS
Amounts falling due within one year 17 4,504 4,129
NET CURRENT ASSETS 43,381 42,073
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,867

42,559

CAPITAL AND RESERVES
Called up share capital 22 - -
Retained earnings 23 43,867 42,559
SHAREHOLDERS' FUNDS 43,867 42,559

Company's profit for the financial year 1,312 1,478

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Dr R D Timbrell-Whittle - Director


Doric Developments (Bath) Limited (Registered number: 02024154)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2022 - 40,177 40,177 (9 ) 40,168

Changes in equity
Total comprehensive income - 2,555 2,555 27 2,582
Transfer on disposal of assets - 2 2 2 4
Purchase of subsidiary shares - (1 ) (1 ) (1 ) (2 )
Balance at 31 December 2022 - 42,733 42,733 19 42,752

Changes in equity
Dividends - (4 ) (4 ) (50 ) (54 )
Total comprehensive income - 528 528 58 586
Balance at 31 December 2023 - 43,257 43,257 27 43,284

Doric Developments (Bath) Limited (Registered number: 02024154)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2022 - 41,081 41,081

Changes in equity
Total comprehensive income - 1,478 1,478
Balance at 31 December 2022 - 42,559 42,559

Changes in equity
Dividends - (4 ) (4 )
Total comprehensive income - 1,312 1,312
Balance at 31 December 2023 - 43,867 43,867

Doric Developments (Bath) Limited (Registered number: 02024154)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 27 (3,669 ) 975
Interest paid (94 ) (37 )
Interest element of hire purchase payments
paid

(1

)

(2

)
Tax paid (520 ) (1,143 )
Net cash from operating activities (4,284 ) (207 )

Cash flows from investing activities
Purchase of tangible fixed assets (168 ) (106 )
Sale of tangible fixed assets 71 -
Repurchase of subsidiary shares - (2 )
Interest received 873 357
Net cash from investing activities 776 249

Cash flows from financing activities
Dividend to Non-Controlling Interest (50 ) -
Capital repayments in year (37 ) (6 )
Amount introduced by directors - 6
Amount withdrawn by directors (118 ) (76 )
Equity dividends paid (4 ) -
Net cash from financing activities (209 ) (76 )

Decrease in cash and cash equivalents (3,717 ) (34 )
Cash and cash equivalents at beginning
of year

28

21,063

21,096

Cash and cash equivalents at end of year 28 17,345 21,063

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Doric Developments (Bath) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Functional and presentation currency
The company's functional and presentation currency is Sterling (£).

Basis of consolidation
The group financial statements consolidate the financial statements of Doric Developments (Bath) Limited and all its subsidiary undertakings drawn up to 31 December each year. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra group transactions, balances, income and expenses are eliminated on consolidation.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of investment property- Investment property is stated at fair value based upon valuation undertaken by directors who have experience in the location and category of the property being valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Trade and other debtors - The allowance for doubtful accounts involves significant management judgement and review of individual receivables based on individual customer creditworthiness, current economic trends and analysis of historical bad debts on a portfolio basis.

Investments - Investments are stated at their historic cost to the group, less, where appropriate, impairment provisions for any permanent or temporary diminution in value. The determination of the recoverable amount of an investment involves the use of estimates by management.

Work in progress provisions - Significant estimates are involved in the determination of work in progress provisions. Management exercise significant judgement in determining whether the costs of a development are recoverable, on a plot by plot basis. A provision is made where a loss can be reliably estimated.

Stock provisions - Significant estimates are involved in the determination of stock provisions. Management exercise significant judgement in determining whether costs of stock items can be recovered. A provision is made where a loss can be reliably estimated.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction can be measured reliably.

Specifically, revenue from the sale of goods is primarily recognised on completion of the sale of properties and when legal title is passed.

In relation to the subsidiary Islington Trowbridge Limited, turnover represents net invoiced sales of new vehicles, used vehicles, vehicle parts and vehicle servicing, excluding value added tax. Turnover is measured at the fair value of the consideration received or receivable and is reduced for customer returns, rebates or other similar allowances. Volume bonuses receivable from vehicle manufacturers are not included in turnover. These bonuses are treated as a discount against vehicle purchases. Parts sales are recognised at point of sale or delivery of goods to the customer. Servicing and bodyshop sales are recognised on completion of all work, and handover to the customer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over period of lease
Plant and machinery - 25% on reducing balance, 15% on straight line basis and 15% on reducing balance
Fixtures and fittings - 50% on straight line basis, 33% on straight line basis, 25% on straight line basis and 15% on reducing balance
Motor vehicles - 25% on straight line basis

Freehold land is not depreciated.

Land and buildings held and used in the company's own activities for the production and supply of goods or for administrative purposes are stated in the balance sheet at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the balance sheet.

Any revaluation increase or decrease on freehold property is credited to the property revaluation reserve.

Depreciation on revalued buildings is charged to the statement of comprehensive income so as to write off their carrying value less residual value, over their estimated useful lives, using the straight-line method.

Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Impairment of assets
At each reporting date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of comprehensive income.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the statement of comprehensive income.

Investments
Investments in subsidiaries are accounted for at cost less impairment in the financial statements.

Investment property
Investment property is carried at fair value. Revaluation surpluses are recognised in the statement of comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

This is in accordance with FRS 102 section 16, which unlike Schedule 4 to the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provision of the Act is required in order to show a true and fair view.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Stocks and long term contracts
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The group has chosen to adopt the requirements of sections 11 and 12 of FRS 102 in respect of the measurement and disclosure of financial instruments.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or
- breach of contract, such as a default or delinquency in interest or principal payments; or
- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the group's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through statement of comprehensive income to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Related parties
For the purposes of these financial statements, a party is considered to be related to the group if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;
(ii) the company and the party are subject to common control;
(iii) the party is an associate of the company or a joint venture in which the company is a venturer;
(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Provisions
Provisions are recognised when the group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£'000 £'000
Property development 12,421 19,638
Vehicle sales and servicing 45,084 42,825
57,505 62,463

5. EMPLOYEES AND DIRECTORS
2023 2022
£'000 £'000
Wages and salaries 4,689 4,463
Social security costs 508 509
Other pension costs 119 110
5,316 5,082

The average number of employees during the year was as follows:
2023 2022

Production 100 97
Administrative 19 12
Management 8 8
127 117

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 25 (2022 - 23 ) .

2023 2022
£    £   
Directors' remuneration 140,831 141,064

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£'000 £'000
Depreciation - owned assets 128 113
Depreciation - assets on hire purchase contracts 6 15
Profit on disposal of fixed assets (33 ) -
Auditors' remuneration 72 63
Auditors' remuneration for non audit work 8 9
Operating lease costs 578 540
Government grant income - (76 )
Loss on disposal of fixed assets on discontinued operation 54 -

7. EXCEPTIONAL ITEMS
2023 2022
£'000 £'000
Loss on disposal of operation (94 ) -

On 1st August 2023, the Vauxhall franchise of the Islington subsidiary closed for both sales and services contracts. The loss on disposal of operation was recognised in respect of the impairment of stock, loss on disposal of fixed assets and redundancy costs incurred.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£'000 £'000
Stocking loan interest 93 34
Corporation tax interest 1 3
Hire purchase 1 2
95 39

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£'000 £'000
Current tax:
UK corporation tax 493 468

Deferred tax 1 9
Tax on profit 494 477

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£'000 £'000
Profit before tax 1,081 3,060
Profit multiplied by the standard rate of corporation tax in the UK of 23.521
% (2022 - 19 %)

254

581

Effects of:
Expenses not deductible for tax purposes 18 7
Income not taxable for tax purposes (35 ) -
Capital allowances in excess of depreciation (2 ) -
Consolidation adjustments 260 (114 )
Deferred tax 1 9

Land remediation adjustment (2 ) (6 )
Expensive leased cars - 1

allowance
Total tax charge 494 478

The main UK corporation tax rate increased from 19% to 25% as of 1 April 2023. The rate of 23.521% used is calculated by prorating the rates of 19% and 25% over the period 1 January 2023 - 31 December 2023.

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2023 2022
£'000 £'000
Ordinary shares of £1 each
Interim 4 -

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£'000 £'000 £'000
COST
At 1 January 2023 14 739 814
Additions - 76 92
Disposals - (11 ) (125 )
At 31 December 2023 14 804 781
DEPRECIATION
At 1 January 2023 6 510 561
Charge for year 1 64 62
Eliminated on disposal - (5 ) (62 )
At 31 December 2023 7 569 561
NET BOOK VALUE
At 31 December 2023 7 235 220
At 31 December 2022 8 229 253

Motor Computer
vehicles equipment Totals
£'000 £'000 £'000
COST
At 1 January 2023 74 2 1,643
Additions - - 168
Disposals (60 ) - (196 )
At 31 December 2023 14 2 1,615
DEPRECIATION
At 1 January 2023 44 2 1,123
Charge for year 7 - 134
Eliminated on disposal (37 ) - (104 )
At 31 December 2023 14 2 1,153
NET BOOK VALUE
At 31 December 2023 - - 462
At 31 December 2022 30 - 520

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£'000
COST
At 1 January 2023 60
Disposals (60 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 31
Charge for year 6
Eliminated on disposal (37 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 29

Company
Computer
equipment
£'000
COST
At 1 January 2023
and 31 December 2023 2
DEPRECIATION
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£'000
COST
At 1 January 2023
and 31 December 2023 276
NET BOOK VALUE
At 31 December 2023 276
At 31 December 2022 276

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ashford Homes (South Western) Limited
Registered office: Doric House, Middleton Drive, Bradford on Avon, BA15 1GB
Nature of business: House builders
%
Class of shares: holding
Ordinary 75.00
2023 2022
£'000 £'000
Aggregate capital and reserves 215 184
Profit for the year 232 112

Islington Trowbridge Limited
Registered office: Trowbridge Motor Park, Canal Road, Trowbridge, Wiltshire, BA14 8RL
Nature of business: Motor vehicle dealer and servicing
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves 2,038 1,889
Profit for the year 149 392


14. INVESTMENT PROPERTY

Group
Total
£'000
FAIR VALUE
At 1 January 2023
and 31 December 2023 210
NET BOOK VALUE
At 31 December 2023 210
At 31 December 2022 210

Company
Total
£'000
FAIR VALUE
At 1 January 2023
and 31 December 2023 210
NET BOOK VALUE
At 31 December 2023 210
At 31 December 2022 210

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

15. STOCKS

Group Company
2023 2022 2023 2022
£'000 £'000 £'000 £'000
Stocks 8,412 8,483 - -
Work-in-progress 26,181 20,718 28,718 22,299
34,593 29,201 28,718 22,299

2023 2022
£'000 £'000
Stock recognised in cost of sales during the year as an expense was 49,027 52,469
An impairment loss was recognised in cost of sales against stock during
the year


280


56

Included within the above stocks are vehicles held under a consignment agreement with a total cost of £360,621 (2022: £326,921). The main terms of the agreement are that no deposit is required and that the vehicles can be held for a normal period of up to 210 days (120 days interest free). There is no right of return for the consignment vehicles.

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£'000 £'000 £'000 £'000
Trade debtors 752 784 52 52
Amounts owed by group undertakings - - 3,100 3,600
Other debtors 192 810 2 621
VAT - - 12 18
Prepayments and accrued income 451 498 124 126
1,395 2,092 3,290 4,417

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£'000 £'000 £'000 £'000
Hire purchase contracts (see note 18) - 37 - -
Payments on account 177 157 177 157
Trade creditors 5,824 5,793 37 22
Amounts owed to group undertakings - - 1,016 744
Tax 342 369 210 246
Social security and other taxes 192 197 5 5
VAT 331 176 - -
Other creditors 483 284 93 3
Directors' current accounts 2,801 2,919 2,772 2,886
Accruals and deferred income 484 316 194 66
10,634 10,248 4,504 4,129

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£'000 £'000
Net obligations repayable:
Within one year - 37

Group
Non-cancellable operating leases
2023 2022
£'000 £'000
Within one year 499 481
Between one and five years 309 587
808 1,068

Company
Non-cancellable operating leases
2023 2022
£'000 £'000
Within one year 21 5
Between one and five years 26 -
47 5

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£'000 £'000
Hire purchase contracts - 37

The bank has a fixed and floating charge over the assets of the group.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

20. FINANCIAL INSTRUMENTS

The carrying value of the company's financial assets and liabilities are summarised by category below:

2023 2022
£ £
Financial Assets
Measured at undiscounted amount receivable
- Trade and other debtors and accrued income 944,499 1,594,765
- Cash at bank and at hand 17,345,078 21,062,623
18,289,577 22,657,388

Financial liabilities
Measured at undiscounted amount payable
- Trade and other creditors (9,767,669 ) (9,505,607 )
(9,767,669 ) (9,505,607 )

Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arises in the normal course of the company's business. These risks are limited by the group's financial management policies and practices described below.

Foreign currency risk
The group has limited exposure to foreign currency risk. Substantially all of the company's sales and purchases are denominated in sterling.

Credit risk and market risk
The company is at risk from its customers defaulting in making payments for goods that have been supplied to them. The group mitigates this risk by performing credit searches on all customers to whom credit terms are offered. In relation to property sales title is only passed when funds have been received.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and ensuring cash reserves are sufficient to meet ongoing liabilities.

Cash flow interest rate risk
The group is exposed to interest rate risk through the impact of rate changes on interest-bearing assets. The group's policy is to obtain the most favourable interest rates available for its assets.

The group has no significant interest-bearing liabilities.

The group does not use any derivative instruments to reduce its economic exposure to changes in interest or exchange rates.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£'000 £'000
Deferred tax 86 86

Group
Deferred
tax
£'000
Balance at 1 January 2023 86
Provided during year 1
Balance at 31 December 2023 87

Deferred taxation is provided in respect of accelerated capital allowances.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

23. RESERVES

Group
Retained
earnings
£'000

At 1 January 2023 42,734
Profit for the year 528
Dividends (4 )
At 31 December 2023 43,258

Company
Retained
earnings
£'000

At 1 January 2023 42,559
Profit for the year 1,312
Dividends (4 )
At 31 December 2023 43,867


24. NON-CONTROLLING INTERESTS

£'000
As at 1 January 2023 19
Share of profit of subsidiary for the year 58
Dividends (50 )
As at 31 December 2023 27


25. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

25. RELATED PARTY DISCLOSURES - continued

Group
During the year Dr R D Timbrell-Whittle was repaid net sums of £116,655 (2022: £75,201) by companies within the group. The 2022 figure included work undertaken on construction of a new property personally for Dr R D Timbrell-Whittle at a cost to the group of £33,853 and was invoiced to him for the same amount. At 31 December 2023 the aggregate amount owed to him was £2,800,989 (2022: £2,919,425). These loans are interest free and have no fixed repayment terms.

A management charge of £15,000 (2022: £15,000) was paid to the group by Braemon Holdings, a partnership in which Dr R D Timbrell-Whittle has a 50% share. Further sales of £21,018 (2022: £5,641) were made to Braemon Holdings. At 31 December 2023, amounts of £nil (2022: £nil) were outstanding.

The group traded with Cabot Trustees Limited, a pension scheme of which Dr R D Timbrell-Whittle and Mrs S A Timbrell-Whittle are beneficiaries. The group made sales to Cabot Trustees Limited of £20,801 (2022: £27,711). At 31 December 2023, trade debtors of £27 (2022: £1,218) were outstanding.

The group also leases property from Cabot Trustees Limited and paid rent of £475,092 (2022: £480,932) during the year of which £87,625 (2022: £93,458) is included within trade creditors at the year end.

Company
During the year Dr R D Timbrell-Whittle was repaid net sums of £113,751 (2022: £69,338) by the company. At 31 December 2023 the amount owed to him was £2,772,237 (2022: £2,885,988). The loan is interest free and has no fixed repayment terms.

The company traded Cabot Trustees Limited, a pension scheme of which Dr R D Timbrell-Whittle and Mrs S A Timbrell-Whittle are beneficiaries. The company leases property from Cabot Trustees Limited and made purchases and paid rent of £24,861 (2022: £24,836) during the year of which £nil (2021: £nil) is included within trade creditors at the year end.

Key management personnel compensation
Key management for the group is represented by its directors, and the compensation disclosed on note 5 therefore represents that for the group.

26. ULTIMATE CONTROLLING PARTY

The controlling party is Dr R D Timbrell-Whittle.

The company is controlled by Dr R D Timbrell-Whittle and Mrs S A Timbrell-Whittle by virtue of their combined 100% shareholding of the issued share capital of the company.

27. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£'000 £'000
Profit before taxation 1,080 3,059
Depreciation charges 135 126
Loss on disposal of fixed assets 21 -
(Increase) / Decrease in PoA 20 131
(Increase) / Decrease in AROC - 22
Share based payment - 5
Finance costs 95 39
Finance income (873 ) (357 )
478 3,025
Increase in stocks (5,392 ) (3,348 )
Decrease/(increase) in trade and other debtors 697 (1,124 )
Increase in trade and other creditors 548 2,422
Cash generated from operations (3,669 ) 975

Doric Developments (Bath) Limited (Registered number: 02024154)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

28. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£'000 £'000
Cash and cash equivalents 17,345 21,063
Year ended 31 December 2022
31.12.22 1.1.22
£'000 £'000
Cash and cash equivalents 21,063 21,096


29. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£'000 £'000 £'000
Net cash
Cash at bank 21,063 (3,718 ) 17,345
21,063 (3,718 ) 17,345
Debt
Finance leases (37 ) 37 -
(37 ) 37 -
Total 21,026 (3,681 ) 17,345