REGISTERED NUMBER: SC271982 (Scotland) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
for |
Dunvale Investments Limited |
REGISTERED NUMBER: SC271982 (Scotland) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
for |
Dunvale Investments Limited |
Dunvale Investments Limited (Registered number: SC271982) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
Dunvale Investments Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Pavilion 1 |
Finnieston Business Park |
Minerva Way |
GLASGOW |
G3 8AU |
Dunvale Investments Limited (Registered number: SC271982) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
None of the donations within the year were of political nature. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Dunvale Investments Limited (Registered number: SC271982) |
Consolidated |
Income Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER | 31,628 | 128,915 |
Cost of sales | (846,523 | ) | - |
GROSS PROFIT | 878,151 | 128,915 |
Administrative expenses | 302,708 | 1,304,628 |
575,443 | (1,175,713 | ) |
Other operating income | 7,550 | 81,709 |
OPERATING PROFIT/(LOSS) | 4 | 582,993 | (1,094,004 | ) |
Interest receivable and similar income | 145,923 | 89,872 |
728,916 | (1,004,132 | ) |
Interest payable and similar expenses | 840 | 1,082 |
PROFIT/(LOSS) BEFORE TAXATION | 728,076 | (1,005,214 | ) |
Tax on profit/(loss) | 36,045 | - |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 692,031 | (1,005,214 | ) |
Dunvale Investments Limited (Registered number: SC271982) |
Consolidated Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | (128,565 | ) | (171,420 | ) |
Tangible assets | 8 | 138,708 | 194,128 |
Investments | 9 | - | - |
Investment property | 10 | 2,313,571 | 3,787,778 |
2,323,714 | 3,810,486 |
CURRENT ASSETS |
Stocks | 1,529,330 | 108,306 |
Debtors | 11 | 5,349,833 | 4,713,749 |
Cash at bank | 260,458 | 27,284 |
7,139,621 | 4,849,339 |
CREDITORS |
Amounts falling due within one year | 12 | 1,581,337 | 1,355,807 |
NET CURRENT ASSETS | 5,558,284 | 3,493,532 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,881,998 |
7,304,018 |
CREDITORS |
Amounts falling due after more than one year |
13 |
24,542 |
38,593 |
NET ASSETS | 7,857,456 | 7,265,425 |
CAPITAL AND RESERVES |
Called up share capital | 2,358,079 | 2,358,079 |
Share premium | 5,703,902 | 5,703,902 |
Retained earnings | (204,525 | ) | (796,556 | ) |
SHAREHOLDERS' FUNDS | 7,857,456 | 7,265,425 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
Dunvale Investments Limited (Registered number: SC271982) |
Consolidated Balance Sheet - continued |
31 January 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by: |
D Wheatley - Director |
Dunvale Investments Limited (Registered number: SC271982) |
Company Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 723,551 | (890,971 | ) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Dunvale Investments Limited (Registered number: SC271982) |
Company Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Dunvale Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of subsidiary businesses, is being amortised evenly over its estimated useful life of 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
31.1.24 | 31.1.23 |
£ | £ |
Depreciation - owned assets | 55,420 | 55,420 |
Goodwill amortisation | (42,855 | ) | (42,855 | ) |
5. | EXCEPTIONAL ITEMS |
31.1.24 | 31.1.23 |
£ | £ |
Exceptional items | - | 5,235 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | (2,638,792 | ) |
AMORTISATION |
At 1 February 2023 | (2,467,372 | ) |
Charge for year | (42,855 | ) |
At 31 January 2024 | (2,510,227 | ) |
NET BOOK VALUE |
At 31 January 2024 | (128,565 | ) |
At 31 January 2023 | (171,420 | ) |
8. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 354,594 |
DEPRECIATION |
At 1 February 2023 | 160,466 |
Charge for year | 55,420 |
At 31 January 2024 | 215,886 |
NET BOOK VALUE |
At 31 January 2024 | 138,708 |
At 31 January 2023 | 194,128 |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 February 2023 |
Revaluations |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Cost or valuation at 31 January 2024 is represented by: |
Shares in |
group |
undertakings |
£ |
Cost | 877,076 |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | 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 |
Grandyard Investments Limited |
Registered office: Pavilion 1, Finnieston Business Park, Minerva Way, Glasgow, G3 8AU |
Nature of business: Investment Company |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
The 100% investment in this company is held by the parent company of the group, Dunvale Investments Limited. |
The company is included within the consolidated financial statements. |
Grandyard Limited |
Registered office: Suite 1, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0BL |
Nature of business: Investment Company |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
The 100% investment in this company is held by Grandyard Investments Limited. |
The company is included within the consolidated financial statements. |
Osborne Street Estates Limited |
Registered office: First Floor Templeback, 10 Temple Back, Bristol, United Kingdom, BS1 6FL |
Nature of business: Buying and selling of real estate |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
Ordinary B | 100.00 |
The 100% investment in the Ordinary Class A shares of this company is held by the parent company of the group, Dunvale Investments Limited. |
The 100% investment in the Ordinary Class B shares of this company is held by the parent company of the group, Dunvale Investments Limited. |
The Ordinary A and B shares have attached to them full voting, dividend and capital distribution rights. |
The company is included within the consolidated financial statements. |
Wilton (Argyle Street) Limited |
Registered office: Pavilion 1, Finnieston Business Park, Minerva Way, Glasgow, G3 8AU |
Nature of business: Buying and selling of real estate |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
The 100% investment in this company is held by the parent company of the group, Dunvale Investments Limited. |
The company is included within the consolidated financial statements. |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
Kelvin Meadows Limited |
Registered office: Pavilion 1 Finnieston Business Park, Minerva Way, Glasgow, G3 8AU |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
The 100% investment in this company is held by the parent company of the group, Dunvale Investments Limited. |
The company is included within the consolidated financial statements. |
Wardpark Industrial Estate Ltd |
Registered office: Pavilion 1 Finnieston Business Park, Minerva Way, Glasgow, G3 8AU |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
The 100% investment in this company is held by the parent company of the group, Dunvale Investments Limited. |
The company is included within the consolidated financial statements. |
10. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 February 2023 | 3,787,778 |
Additions | 5,294 |
Disposals | (1,479,501 | ) |
At 31 January 2024 | 2,313,571 |
NET BOOK VALUE |
At 31 January 2024 | 2,313,571 |
At 31 January 2023 | 3,787,778 |
Company |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.1.24 | 31.1.23 | 31.1.24 | 31.1.23 |
£ | £ | £ | £ |
Amounts owed by group undertakings | - | - |
Other debtors | 5,349,833 | 4,713,749 |
5,349,833 | 4,713,749 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.1.24 | 31.1.23 | 31.1.24 | 31.1.23 |
£ | £ | £ | £ |
Bank loans and overdrafts | 10,056 | 9,808 |
Trade creditors | 4,440 | 27,379 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 85,682 | 8,498 |
Other creditors | 1,481,159 | 1,310,122 |
1,581,337 | 1,355,807 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.1.24 | 31.1.23 | 31.1.24 | 31.1.23 |
£ | £ | £ | £ |
Bank loans | 18,215 | 28,270 |
Other creditors | 6,327 | 10,323 |
24,542 | 38,593 |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
31.1.24 | 31.1.23 |
£ | £ |
Within one year | 24,473 | 24,473 |
Between one and five years | 77,934 | 84,406 |
In more than five years | 49,500 | 67,500 |
151,907 | 176,379 |
Dunvale Investments Limited (Registered number: SC271982) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
14. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
31.1.24 | 31.1.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023: |
31.1.24 | 31.1.23 |
£ | £ |
D Wheatley |
Balance outstanding at start of year | 126,148 | (132,046 | ) |
Amounts advanced | 197,900 | 322,840 |
Amounts repaid | (111,671 | ) | (64,646 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 212,377 | 126,148 |