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Registered number: 11012410










DAR 150 HOLBORN DEVELOPMENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
COMPANY INFORMATION


Directors
A A Loudon 
M B Sleiman (resigned 28 November 2023)
D J S Horner (appointed 28 November 2023)




Company secretary
S Kadi



Registered number
11012410



Registered office
150 Holborn

London

EC1N 2NS




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

United Kingdom

ME14 5DA





 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditor's Report
 
 
4 - 7
Statement of Income and Retained Earnings
 
 
8
Balance Sheet
 
 
9
Statement of Cash Flows
 
 
10
Analysis of Net Debt
 
 
11
Notes to the Financial Statements
 
 
12 - 20


 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The Company operates as a property development company on behalf of 150 Holborn Real Estate Limited, a fellow subsidiary undertaking. The principal activity of the Company is the development of the 150 Holborn building project in Central London. The purpose of the property under development will be to serve as an office to support the group's operations. The Company is outsourcing the construction contract to McLaren Construction (London) Limited. Costs incurred are re-charged to 150 Holborn Real Estate Limited at cost plus 0.25% in accordance with the development agreement.
The group provides in-house consultancy services to the Company in relation to the property development. These services are re-charged to the Company at cost plus 0.25% by Dar Plus Limited (a fellow subsidiary undertaking). 
Turnover for the year was £1,056,178 (2022 - £24,038,757). The directors expect the level of activity to decrease over the coming years as the project comes to an end.
The Company made a loss in the year of £457, (2022 - £272,020 profit). This is after deducting total foreign exchange losses of £7,917 (2022 - £211,172 gain). Removing the effect of foreign exchange losses, the company made a profit of £7,460 (2022 - £60,848). 
Dar Al-Handasah Consultants Shair & Partners Holdings Limited, the ultimate parent undertaking, manages its Key Performance Indicators (KPIs) at a segment and geographical level. As a result the directors have taken the decision not to disclose KPIs in the Company's financial statements as they are not necessary to understand the performance or position of the business of the Company.
The directors are confident that the current business development activities and strategies of its fellow group undertakings, operating in the emerging markets in which the Dar Al-Handasah group is experienced and specialises, are sufficient to sustain the on-going operation of the Company.

Principal risks and uncertainties
 
Business risk: As the Company's sole purpose is the development of the 150 Holborn building project, the main risk exposure to the Company is the injury to persons or property damage. Currie & Brown UK Limited, who are acting as the Company's agent, are responsible for overseeing the property development. Project valuations are carried out at various stages of the development by Currie & Brown UK Limited to monitor stage of completion. 
Liquidity risk: The development project is funded by the ultimate parent undertaking, Dar Al-Handasah Consultants Shair & Partners Holdings Limited. The Company's ability to meet its financial obligations is dependent on this financial commitment.


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



D J S Horner
Director

Date: 25 September 2024

Page 1

 
DAR 150 HOLBORN DEVELOPMENT 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 Annual report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

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


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

make judgements 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the development of the 150 Holborn building project in Central London.
Results and dividends
The loss for the year amounted to £457 (2022 - £272,020 profit). The directors do not recommend a final dividend (2022 - £nil).
Future development and going concern
The Company will continue operating until all matters concerning the development of the 150 Holborn building project have been concluded.
The Company has total net assets at the balance sheet date of £113,546. As an intrinsic element of the development of 150 Holborn, the ultimate parent company has committed to provide financial support as is required to enable the Company to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Therefore, the directors believe it is appropriate to adopt the going concern basis in preparing the financial statements.

Page 2

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

A A Loudon 
M B Sleiman (resigned 28 November 2023)
D J S Horner (appointed 28 November 2023)

Matters covered in the Strategic report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's principal risks and uncertainties.

Disclosure of information to auditor

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's auditor is 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's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, MHAhas been appointed in the year in accordance with section 485 of the Companies Act 2006.

A resolution to reappoint MHA MacIntyre Hudson as auditor will be proposed at the forthcoming Annual General Meeting.

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





D J S Horner
Director

Date: 25 September 2024

Page 3

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR 150 HOLBORN DEVELOPMENT LIMITED
 

Opinion


We have audited the financial statements of Dar 150 Holborn Development Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows 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 Company's affairs as at 31 December 2023 and of its loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 4

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR 150 HOLBORN DEVELOPMENT LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR 150 HOLBORN DEVELOPMENT LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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


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:

reviewing minutes of meetings of those charged with governance;
performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations; and
enquiry of management and those charged with governance around actual and potential litigation and
claims.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


Page 6

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DAR 150 HOLBORN DEVELOPMENT 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 Auditor's 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.





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone
United Kingdom

25 September 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Page 7

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,056,178
24,038,757

Cost of sales
  
(1,049,053)
(23,976,391)

Gross profit
  
7,125
62,366

Administrative expenses
  
(23,249)
(13,144)

Other operating income
 5 
(7,917)
211,172

Operating (loss)/profit
  
(24,041)
260,394

Interest receivable and similar income
 8 
1,299
13,277

(Loss)/profit before tax
  
(22,742)
273,671

Tax on (loss)/profit
 9 
22,285
(1,651)

(Loss)/profit after tax
  
(457)
272,020

  

  

Retained earnings at the beginning of the year
  
114,002
(158,018)

(Loss)/profit for the year
  
(457)
272,020

Retained earnings at the end of the year
  
113,545
114,002

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

The notes on pages 12 to 20 form part of these financial statements.

Page 8

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
REGISTERED NUMBER: 11012410

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
3,636,688
6,317,224

Cash at bank and in hand
 11 
10,461
764,096

  
3,647,149
7,081,320

Creditors: amounts falling due within one year
 12 
(3,533,603)
(6,967,317)

Net current assets
  
 
 
113,546
 
 
114,003

Total assets less current liabilities
  
113,546
114,003

  

Net assets
  
113,546
114,003


Capital and reserves
  

Called up share capital 
 14 
1
1

Profit and loss account
 15 
113,545
114,002

  
113,546
114,003


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D J S Horner
Director

Date: 25 September 2024

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(457)
272,020

Adjustments for:

Interest received
(1,299)
(13,277)

Taxation charge
(22,285)
1,651

Decrease in debtors
231,645
3,850,530

Decrease in amounts owed by groups
2,471,176
920,787

(Decrease) in creditors
(4,934)
(1,660,659)

(Decrease) in amounts owed to groups
(3,428,780)
(2,792,762)

Corporation tax received/(paid)
-
(1,651)

Net cash (used in)/generated from operating activities

(754,934)
576,639


Cash flows from investing activities

Interest received
1,299
13,277

Net cash from investing activities

1,299
13,277


Net (decrease)/increase in cash and cash equivalents
(753,635)
589,916

Cash and cash equivalents at beginning of year
764,096
174,180

Cash and cash equivalents at the end of year
10,461
764,096


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,461
764,096

10,461
764,096


The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 

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

764,096

(753,635)

10,461


764,096
(753,635)
10,461

The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dar 150 Holborn Development Limited is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is 150 Holborn, London, EC1N 2NS.

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

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has a loss in the year of £457. As the Company is an intrinsic element of the development of 150 Holborn, the ultimate parent company has committed to provide financial support as is required to enable the Company to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Therefore, the directors believe it is appropriate to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

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 Company 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 receivable from Companies within the group represents costs recharged at an agreed mark up of 0.25%.

Page 12

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the 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 Company's cash management.

Page 13

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements can require management to make significant judgements and estimates. However, there are no sources of estimation uncertainty nor critical judgements that have a significant effect on the amounts recognised in the financial statements.


4.


Turnover

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


2023
2022
£
£

Services provided to fellow group undertakings
1,056,178
24,038,757

1,056,178
24,038,757


All turnover arose within the British Crown Dependency of Jersey.

Page 15

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Foreign exchange (loss)/gain
(7,917)
211,172

(7,917)
211,172



6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
7,500
3,800

Taxation compliance services
2,050
1,870

All non-audit services not included above
3,750
3,400


7.


Employees




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


        2023
        2022
            No.
            No.







Directors
2
2

During the year, no directors received any remuneration from the Company (2022 - none).


8.


Interest receivable

2023
2022
£
£


Other interest receivable
1,299
13,277

1,299
13,277

Page 16

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
1,651


Total current tax
-
1,651

Deferred tax


Origination and reversal of timing differences
(22,285)
-

Total deferred tax
(22,285)
-


Tax on (loss)/profit
(22,285)
1,651

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(22,742)
273,671


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(5,349)
51,997

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
176
-

Adjustments to tax charge in respect of prior periods
-
1,651

Movement in deferred tax not recognised
(16,787)
(68,418)

Remeasurement of deferred tax for changes in tax rates
(325)
16,421

Total tax charge for the year
(22,285)
1,651


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,560,855
6,032,031

Other debtors
1,374
285,193

Prepayments and accrued income
52,174
-

Deferred taxation
22,285
-

3,636,688
6,317,224


Amounts owed by group undertakings are unsecured, interest free and receivable on demand.


11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,461
764,096

10,461
764,096



12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,009
392

Amounts owed to group undertakings
3,518,294
6,947,074

Other taxation and social security
-
2,055

Accruals and deferred income
13,300
17,796

3,533,603
6,967,317


Amounts owed to group undertakings are unsecured, interest free and payable on demand.
Page 18

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Deferred taxation




2023


£






Charged to profit or loss
22,285



At end of year
22,285

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
22,285
-

22,285
-


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



15.


Reserves

Profit and loss account

The Profit and Loss account represents cumulative profits and losses net of dividends and other adjustments.


16.


Contingent liabilities

HMRC have opened a VAT enquiry due to unpaid purchase invoices of over 6 months old, for which input VAT has previously been claimed but not repaid to HMRC.  The directors are of the opinion that, as these invoices relate to transactions with other group companies, the net effect would be £nil as the other group companies would be able to reclaim bad debt relief on debts over 6 months.
A VAT assessment has not been issued.  However, the provisional calculations show a total amount payable by the Company of £364,922. It is not known whether HMRC will levy interest and / or penalties.
Due to uncertainty over whether a liability will crystallise from this inquiry, a liability has not been recognised in these financial statements.

Page 19

 
DAR 150 HOLBORN DEVELOPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Capital commitments

As at 31 December 2023, the Company had capital commitments in relation to the development agreement with McLaren Construction (London) Limited. The capital commitment outstanding at the balance sheet date is £1,455,251.


18.Other financial commitments

The Company is listed as a guarantor with respect to a loan within Dar Re Finance Co Limited, a fellow subsidiary undertaking in the group directly involved in the development of 150 High Holborn.  Each guarantor has a joint and several obligation with respect to the loan as if they were the original borrower. At the balance sheet date, the loan principal, interest and arrangement fees totals £100,756,165.


19.


Transactions with directors

The Company did not pay any remuneration to key management personnel during the current or previous year.


20.


Related party transactions

The Company has taken advantage of the FRS 102 paragraph 33.1A exemption not to disclose transactions with other members of the group that are wholly owned by the ultimate parent undertaking, Dar Al-Handasah Consultants Shair and Partners Holdings Ltd.


21.


Controlling party

The Company is a wholly owned subsidiary of Dar Al-Handasah Consultants Shair & Partners Holdings Limited, a company registered in Jersey, and of its ultimate parent, Dar Al-Handasah Consultants Shair & Partners Holdings Limited, a company registered in Dubai.  The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Dar Al-Handasah Consultants Shair and Partners Holdings Ltd. The address of the ultimate parent’s registered office is Unit 2401, Level 24, Index Tower, Dubai International Finance Centre, Dubai, 506855, United Arab Emirates.

 
Page 20