Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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DALGLEN (NO. 1812) LIMITED
COMPANY INFORMATION
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DALGLEN (NO. 1812) LIMITED
CONTENTS
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DALGLEN (NO. 1812) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Director presents the Strategic Report for the year ended 31 December 2022.
The Company is a holding company.
The Company has not granted any securities to any of its subsidiaries which limits the risks to which the company is exposed.
The Company does not trade and therefore there are no key financial performance indicators.
The Director acknowledges and understands their duties and responsibilities, including that of section 172, of
the Companies Act 2006. A Director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters and in so far as the company does not trade) to: • the likely consequences of any decision in the long term, • the interest of the company’s employees, • the need to foster the company’s business relationships with suppliers, customers and others, • the impact of the company’s operations on the community and the environment, • the desirability of the company maintaining a reputation for high standards of business conduct, and • the need to act fairly as between members of the Company The Director considers the decisions taken during the period ended 31st December 2022 were in conformance to their duty under section 172 of the Companies Act.
This report was approved by the board and signed on its behalf.
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DALGLEN (NO. 1812) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Director presents his report and the financial statements for the year ended 31 December 2022.
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The loss for the year, after taxation, amounted to £5,000 (2021 - profit £5,924,481).
No dividends were declared or paid during the year (2021: £5,924,481).
The Director who served during the year was:
The Director anticipates that the company will continue to operate at similar levels for the foreseeable future.
As a holding company, there is limited engagement with external customers.
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DALGLEN (NO. 1812) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
There have been no significant events affecting the Company since the year end.
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DALGLEN (NO. 1812) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALGLEN (NO. 1812) LIMITED
We have audited the financial statements of Dalglen (No. 1812) Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
As a result we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded items, and the elements making up the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows and the Statement of Changes in Equity.
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 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 adverse opinion on the Company's financial statements.
In auditing the financial statements, we have concluded that the Director's 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 Director with respect to going concern are described in the relevant sections of this report.
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DALGLEN (NO. 1812) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALGLEN (NO. 1812) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual Report. 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. 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.
As described in the basis for adverse opinion section of our report, consolidated financial statements have not been prepared. We have concluded that the other information is materially misstated for the same reason with respect to the amounts or other items in the annual report affected by the failure to prepare consolidated financial statements.
Except for the effects of the matters described in the basis for adverse opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
As a result of the matters described in the basis for adverse opinion section of our report, in light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have identified material misstatements in the Strategic Report and the Directors' Report.
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DALGLEN (NO. 1812) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALGLEN (NO. 1812) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006 and tax legislation, UK employment legislation and UK health and safety legislation; • we assessed the extent of compliance with the laws and regulations identified above by making enquiries of management; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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DALGLEN (NO. 1812) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DALGLEN (NO. 1812) LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions that may indicate override of controls; • reviewed key judgements and estimates for any evidence of management bias; and • reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; and • enquiring of management to identify actual and potential litigation and claims. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
1st Floor
24 Blythswood Square
G2 4BG
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DALGLEN (NO. 1812) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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DALGLEN (NO. 1812) LIMITED
REGISTERED NUMBER: SC570476
BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 19 form part of these financial statements.
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DALGLEN (NO. 1812) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 10
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DALGLEN (NO. 1812) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 11
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DALGLEN (NO. 1812) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 12
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DALGLEN (NO. 1812) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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DALGLEN (NO. 1812) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Dalglen (No. 1812) Limited is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is Pound Sterling (£).
2.Accounting policies
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 Company has prepared standalone financial statements and has not prepared consolidated financial statements for the group including the subsidiaries which the Company owns and controls, which would be required under section 399 of the Companies Act 2006 and under the requirements of FRS 102. Under FRS 102 since there is no publicly available set of consolidated financial statements that include the Company and its subsidiaries, the exemption from preparing consolidated financial statements is not applicable.
Consolidated financial statements have been prepared by McGill's Bus Services Limited however, preparing consolidated financial statements at this level only is not in line with the requirements of the Companies Act 2006 and under the requirements of FRS 102. These financial statements can be obtained from companies house www.gov.uk/government/organisations/companies-house.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Management consider there to be no key judgments or significant estimates.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Director continues to adopt the going concern basis of accounting in preparing the financial statements.
The information used to make this assessment is the preparation of group forecasts to at least twelve months from the date of the financial statements approval. These showed that the Group and therefore the Company has sufficient access to required funding in order to continue to settle its third party liabilities as they fall due. On this basis, the Director is confident that the Company will continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore the financial statements have been prepared on a going concern basis.
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DALGLEN (NO. 1812) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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DALGLEN (NO. 1812) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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DALGLEN (NO. 1812) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 17
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DALGLEN (NO. 1812) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Subsidiary undertakings (continued)
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DALGLEN (NO. 1812) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
A bonus share issue in the prior year was incorrectly accounted for through other comprehensive income. To correct for this, a restatement has been made to other comprehensive income and reserves in the prior year. The impact on brought forward reserves of this restatement is nil.
Additionally, a dividend in specie received and subsequently distributed to shareholders was included in the statement of cash flows as a cash movement in error in the prior year. To correct for this, the statement of cash flows for the prior year has been restated. The impact on brought forward reserves of this restatement is nil.
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