1 31/08/2024 2024-08-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC078496 2023-09-01 2024-08-31 SC078496 2024-08-31 SC078496 2023-08-31 SC078496 2022-09-01 2023-08-31 SC078496 2023-08-31 SC078496 2022-08-31 SC078496 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 SC078496 bus:Director1 2023-09-01 2024-08-31 SC078496 bus:Director3 2023-09-01 2024-08-31 SC078496 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 SC078496 core:DeferredTaxation 2023-09-01 2024-08-31 SC078496 core:WithinOneYear 2024-08-31 SC078496 core:WithinOneYear 2023-08-31 SC078496 core:ShareCapital 2024-08-31 SC078496 core:ShareCapital 2023-08-31 SC078496 core:HedgingReserve 2024-08-31 SC078496 core:HedgingReserve 2023-08-31 SC078496 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC078496 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC078496 bus:OrdinaryShareClass1 core:ShareCapital 2024-08-31 SC078496 bus:OrdinaryShareClass1 core:ShareCapital 2023-08-31 SC078496 core:RevaluationInvestmentPropertyDeferredTax 2024-08-31 SC078496 core:RevaluationInvestmentPropertyDeferredTax 2023-08-31 SC078496 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 SC078496 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 SC078496 core:DeferredTaxation 2023-08-31 SC078496 core:DeferredTaxation 2024-08-31 SC078496 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 SC078496 bus:Director1 2023-08-31 SC078496 bus:Director3 2023-08-31 SC078496 bus:Director1 2022-08-31 SC078496 bus:Director1 2023-08-31 SC078496 bus:Director3 2023-08-31 SC078496 bus:Director1 2022-09-01 2023-08-31 SC078496 bus:Director3 2022-09-01 2023-08-31 SC078496 bus:SmallEntities 2023-09-01 2024-08-31 SC078496 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC078496 bus:FullAccounts 2023-09-01 2024-08-31 SC078496 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC078496 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31
Company registration number: SC078496
Dolphin Investments Ltd
Unaudited filleted financial statements
31 August 2024
Dolphin Investments Ltd
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 4,275,000 2,350,000
_______ _______
4,275,000 2,350,000
Current assets
Debtors 6 62,686 228
Cash at bank and in hand 98,127 94,414
_______ _______
160,813 94,642
Creditors: amounts falling due
within one year 7 ( 96,441) ( 64,976)
_______ _______
Net current assets 64,372 29,666
_______ _______
Total assets less current liabilities 4,339,372 2,379,666
Provisions for liabilities 8 ( 883,546) ( 402,296)
_______ _______
Net assets 3,455,826 1,977,370
_______ _______
Capital and reserves
Called up share capital 10 1,000 1,000
Fair value reserve 3,021,415 1,577,665
Profit and loss account 433,411 398,705
_______ _______
Shareholders funds 3,455,826 1,977,370
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mrs SMC Kreitman
Director
Company registration number: SC078496
Dolphin Investments Ltd
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland ( SC078496 ). The address of the registered office is 29 York Place, Edinburgh, EH1 3HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents total rent receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment property Total
£ £
Cost or valuation
At 1 September 2023 2,350,000 2,350,000
Revaluation 1,925,000 1,925,000
_______ _______
At 31 August 2024 4,275,000 4,275,000
_______ _______
Depreciation
At 1 September 2023 and 31 August 2024 - -
_______ _______
Carrying amount
At 31 August 2024 4,275,000 4,275,000
_______ _______
At 31 August 2023 2,350,000 2,350,000
_______ _______
Tangible assets held at valuation
The revaluation is based on informal advice received from a RICS qualified surveyor in September 2024.
6. Debtors
2024 2023
£ £
Other debtors 62,686 228
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 40,937 25,220
Social security and other taxes 2,785 2,517
Other creditors 52,719 37,239
_______ _______
96,441 64,976
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 September 2023 402,296 402,296
Additions 481,250 481,250
_______ _______
At 31 August 2024 883,546 883,546
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 8) 883,546 402,296
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Fair value adjustment of investment property 883,546 402,296
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs SMC Kreitman 140 - ( 140) -
Matthew Kreitman 88 - ( 88) -
_______ _______ _______ _______
228 - ( 228) -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs SMC Kreitman 6,030 140 ( 6,030) 140
Matthew Kreitman - 88 - 88
_______ _______ _______ _______
6,030 228 ( 6,030) 228
_______ _______ _______ _______